Over the past few weeks, we’ve seen (among other things)
- A rise in the USD price of oil, and
- A fall in the value of the USD compared to other currencies
To what extent do these two phenomena cancel out? Here’s a graph of oil prices in terms of the USD, the yen, the euro and the CAD:
So the run-up in the USD oil price is not entirely a story of USD weakness. But as far as the euro area and Canada is concerned, exchange rate movements are an attenuating factor.
Update: The graph up to November 20.
Worthwhile Canadian Initiative 
What would happen if OPEC decided to decalre its barrel of oil in Euro?
What will be its impact on US retail outlets?
That’s certainly backing David Dodge when he argues that the CAD is bearing an undue burden of appreciatory pressures.
It would also be interesting to see the chart run backward some months.