WTI remains on the defensive below $82.50 amid Israel-Hamas peace talks, Fed rate cut expectations fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
API Weekly Crude Oil Stock Shows a Surprising Increase forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
During the Asian session on Wednesday, the USDCAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to a surplus in API Weekly Crude Oil Stock, indicating an oversupply. Bank of Canada (BoC) Senior Deputy Governor Carolyn Rogers raised concerns about Canada's low productivity and highlighted inflation concerns. Meanwhile, the US Dollar Index (DXY) rose amid a risk-off sentiment ahead of the US Personal Consumption Expenditures (PCE) release, but declining US Treasury yields suggest market expectations of potential rate cuts by the US Federal Reserve.
USD/CAD continues its winning streak, marking the fifth consecutive session with gains, as it edges higher around 1.3580 during the Asian session on Thursday.
West Texas Intermediate (WTI) oil prices decline after two consecutive days of gains, with trading around $78.30 per barrel during the Asian session on Wednesday.