Oil prices are now approaching USD100. Maybe it's time to revisit the graph of oil prices in other currencies:
In the last four weeks, the CAD has depreciated against the USD, and the yen has appreciated; the net result is that the CAD-yen exchange rate is pretty much where it was on Labour Day. If I were a currency trader on September 4, and if and someone told me that oil prices would jump 25% in the next 3 months, I would have bet on a sharp appreciation of the currency of the country that is a net exporter of oil against the country that is a net importer.
Good thing I have my day job.
Update: The graph for Jan 2 - March 20