USD/CAD Insights: recovery from 3-week low, EIA report provides new impetus

FXStreet — The 3-week low was tested to 1,3575-80, and then the USD/CAD was up, so that now the whole of yesterday’s losses reversed.

Currently, the trade takes place to 1,3630 and even though the weakness against the Greenback. Against the Background of weaker US data and fading expectations for a faster tightening by the Fed to leave monetary policy. Add to this the recent political developments in the United States, the burden on the Greenback. The US Dollar Index falls to its lowest level since the U.S. presidential election.

The traders ignoring the recovery of the Oil prices, which supported currencies, under normal circumstances, the raw material such as the Loonie. WTI crude oil may reverse its initial losses, brought about with the API report on Tuesday. Now the course is back in the vicinity of the 49,00 $ per Barrel, which limited the recovery of the couple.

Today, we still have the official US crude oil inventories the EIA. Yesterday’s API data showed that U.S. crude oil inventories rose by 882K, and it seems as if this led the bears to a reduction of positions. Therefore, it would be to wait for wise to the publication of the official data, before the Pair for a direction has to be decided.

** FXStreet News Editorial, FXStreet**

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