Investing.com – The U.S. dollar pulled back from a two-and-a-half-month low against its Canadian counterpart on Wednesday, as crude oil, Canada’s largest export, trimmed gains ahead of U.S. government data on crude stockpiles.
USD/CAD pulled back from 0.9455, the pair’s lowest since May 3, to hit 0.9483 during early U.S. trade, still down 0.16% on the day.
The pair was likely to find support at 0.9444, the low of April 29 and resistance at 0.9601, Tuesday’s high.
The Canadian dollar weakened as crude oil for delivery in September traded at USD98.70 a barrel on the New York Mercantile Exchange, after peaking at USD99.35 a barrel earlier in the day.
Raw materials, including oil account for about half of Canada’s export revenue.
Earlier in the day, crude oil rallied to an almost two-week high, boosted by signs of progress in raising the U.S. debt ceiling and as concerns over a slowdown in U.S. demand eased.
The U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended July 15 later in the day.
Also Wednesday, official data showed that Canadian wholesale sales rose significantly more-than-expected in May, posting the biggest gain in 18 months.
Meanwhile, the Canadian dollar was slightly lower against the euro, with EUR/CAD easing up 0.17% to hit 1.3469.
Later Wednesday, the U.S. was to publish industry data on existing home sales.
USD/CAD pulled back from 0.9455, the pair’s lowest since May 3, to hit 0.9483 during early U.S. trade, still down 0.16% on the day.
The pair was likely to find support at 0.9444, the low of April 29 and resistance at 0.9601, Tuesday’s high.
The Canadian dollar weakened as crude oil for delivery in September traded at USD98.70 a barrel on the New York Mercantile Exchange, after peaking at USD99.35 a barrel earlier in the day.
Raw materials, including oil account for about half of Canada’s export revenue.
Earlier in the day, crude oil rallied to an almost two-week high, boosted by signs of progress in raising the U.S. debt ceiling and as concerns over a slowdown in U.S. demand eased.
The U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended July 15 later in the day.
Also Wednesday, official data showed that Canadian wholesale sales rose significantly more-than-expected in May, posting the biggest gain in 18 months.
Meanwhile, the Canadian dollar was slightly lower against the euro, with EUR/CAD easing up 0.17% to hit 1.3469.
Later Wednesday, the U.S. was to publish industry data on existing home sales.