Investing.com - The Canadian dollar extended gains against its U.S. counterpart on Wednesday, rising to a fresh daily high after official data showed that U.S. crude oil inventories rose-less-than expected last week.
USD/CAD hit 1.0244 during late European trade, a fresh daily low; the pair subsequently consolidated at 1.0241, tumbling 0.90%.
The pair was likely to find support at 1.0160, Tuesday’s low and resistance at 1.0373, Tuesday’s high.
Earlier in the day, the U.S. Energy Information Administration said that crude oil stockpiles rose to 0.7 million barrels in the week ending October 15, after falling 0.4 million barrels in the preceding week. Analysts had expected crude oil inventories to rise 1.5 million barrels in the week ending October 15.
Following the data, crude oil prices rose 0.51% to hit USD 80.58 a barrel. The loonie closely tracks oil prices as Canada is a major supplier of oil to the U.S.
Meanwhile, the loonie was down against the euro, with EUR/CAD surging 0.89% to hit 1.4313.
Also Wednesday, official data showed that Canadian wholesale sales rose more-than-expected in August.
USD/CAD hit 1.0244 during late European trade, a fresh daily low; the pair subsequently consolidated at 1.0241, tumbling 0.90%.
The pair was likely to find support at 1.0160, Tuesday’s low and resistance at 1.0373, Tuesday’s high.
Earlier in the day, the U.S. Energy Information Administration said that crude oil stockpiles rose to 0.7 million barrels in the week ending October 15, after falling 0.4 million barrels in the preceding week. Analysts had expected crude oil inventories to rise 1.5 million barrels in the week ending October 15.
Following the data, crude oil prices rose 0.51% to hit USD 80.58 a barrel. The loonie closely tracks oil prices as Canada is a major supplier of oil to the U.S.
Meanwhile, the loonie was down against the euro, with EUR/CAD surging 0.89% to hit 1.4313.
Also Wednesday, official data showed that Canadian wholesale sales rose more-than-expected in August.