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USDCAD moves back below 100 day MA at 1.35164

Ahead of the oil inventory data at the top of the hour, the USDCAD is breaking lower as dollar selling intensifies. The crude inventories are expected to show a draw of -1.386 million. However, the private data reached late yesterday showed a surprise bill of 5.2 million barrels. The price of crude oil is up $0.66 or 0.97% at $68.74. Higher oil prices tend to support the CAD (lower USDCAD). Lower prices tend to weaken the CAD (Higher USDCAD)Looking at the daily chart of the USDCAD above, the pai... Read More

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Posted: Jun 1 2023, 14:59

Author Name: forexlive

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