USD/CAD slips: Oil prices, stocks rise after fall camp

FXStreet — rising prices for the week start came in the USD/CAD to the mid-week under heavy selling pressure. This is due to a weaker Greenback and rising Oil prices. After the release of the weekly crude oil inventories in the United States, the currency lost almost 50 Pips and marked at 1,3650 a new session low. Most recently, the Couple listed on 1,3656 and to 0.46 percent in the Minus.

On Wednesday, the US Department of energy reported that crude oil stocks had fallen compared to the previous week by 5.2 million barrels. The US variety of West Texas Intermediate (WTI) jumped out quickly on the brand of 47.00 dollars and reached at 47,70 Dollar a new 5-day High. On Wednesday evening, the Texas Oil cost 47,25 dollars, 3 percent more than the previous day.

In addition, the Loonie celebrated a small Comeback, while the Greenback gains of the past few days around the area at 99,50 consolidated. The macro data from the United States could give the reserve currency is not a new thrust. For a new impetus to the comments of Fed chief Rosengren are expected to provide to the monetary policy.

Falling inventories give Oil prices a boost
EIA: crude oil inventories to decline by 5.2 million barrels
USD/CAD: Outlook remains in the short term, neutral

Technical Levels

The High the 08. May 1,3645 first support. Other stop lines are located at 1.3600 (psychological level / High 28. December) and 1,3455 (50-days-line). The chart technical situation brightens when the Couple the psychological mark of 1,3700, 1,3735 (High-25. February) and 1.38.

** FXStreet News Editorial, FXStreet**

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