ECB'S VILLEROY SAYS IT IS CLEAR THAT THE CURRENT MACROECONOMIC ENVIRONMENT DOES NOT CALL FOR A RECALIBRATION
The USD/CAD pair rose on Wednesday as fall in oil prices and stronger greenback across the board weighted on the commodity-linked Canadian dollar. Oil slid more than 1 percent on Wednesday after U.S. data showed a counte…
By FxWirePro Team
1 min read
The USD/CAD pair rose on Wednesday as fall in oil prices and stronger greenback across the board weighted on the commodity-linked Canadian dollar.
Oil slid more than 1 percent on Wednesday after U.S. data showed a counter-seasonal build in gasoline inventories and a smaller-than-expected decline in overall crude stocks coupled with another rise in domestic crude production.
U.S. crude stocks fell 1 million barrels in the latest week, according to the U.S. Energy Information Administration, a bit less than anticipated. Gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.
The ongoing upside in this pair is likely to continue, as the Canadian dollar is set to weaken further against its US counterpart.
The immediate support can be seen at 1.3456, break below this level will expose the pair to next support level at 1.3438.
Major resistance can be seen at 1.3498, break above this level will expose the pair towards 1.3535 levels.
