Wednesday, May 11, 2016

Forex - USD/CAD slips lower as oil prices rebound

© Reuters. Greenback loses ground vs. loonie as oil moves higher© Reuters. Greenback loses ground vs. loonie as oil moves higher - The U.S. slipped lower against its Canadian counterpart on Wednesday, as a rebound in oil prices lent support to the commodit-related Canadian currency.

hit 1.2868 during early U.S. trade, the pair's lowest since May 6; the pair subsequently consolidated at 1.2888, edging down 0.18%.

The pair was likely to find support at 1.2692, the low of May 4 and resistance at 1.3014, the high of May 9.

The Canadian dollar strengthened as moved higher, ahead of the weekly report on U.S. stockpiles.

Crude prices had declined earlier in the day, following news Canadian oil sand production is set to rise following forced closures due to wildfires.

In addition, the American Petroleum Institute said on Tuesday that U.S. crude inventories rose by 3.45 million barrels to a record 543.1 million barrels in the week ending May 6.

The loonie was lower against the euro, with adding 0.18% to 1.4708.

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