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29 Jul 2015
USD/CAD slumps as oil rallies on inventories data
FXStreet (Córdoba) - USD/CAD crumbled and scored fresh 2-week lows as the loonie picked up momentum from oil that rose more than a buck following US EIA crude inventories data.
US EIA crude inventories drop more than expected
US Energy Information Administration reported a decline of 4.203 million barrels in crude supplies for the week ended July 24, much more than the 300-900K expected, easing concerns about global crude glut.
The Canadian dollar strengthened along with oil prices and dragged USD/CAD back below 1.29 to a low of 1.2867 in recent dealings. At time of writing, the pair is trading at 1.2893, recording a 0.22% loss on the day.
Investors attention now turns to the Federal Reserve policy statement, to be released at 18:00 GMT.
US EIA crude inventories drop more than expected
US Energy Information Administration reported a decline of 4.203 million barrels in crude supplies for the week ended July 24, much more than the 300-900K expected, easing concerns about global crude glut.
The Canadian dollar strengthened along with oil prices and dragged USD/CAD back below 1.29 to a low of 1.2867 in recent dealings. At time of writing, the pair is trading at 1.2893, recording a 0.22% loss on the day.
Investors attention now turns to the Federal Reserve policy statement, to be released at 18:00 GMT.