USDNOK and USDCAD show downside risk with oil pop

The Norweigan Krona and Canadian dollar haven't benefited a whole lot from the sharp rise in oil prices over the past couple of days. I suspect that this is due to traders' prudent stance ahead of important macro data later this week. Given that USDNOK prices are currently hanging below their annual highs, there is clearly room for a NOK rally over the short term. This will likely happen with USD weakness if US data during the second half of the week disappoints.