The USD/CAD lost 0.17 percent as the USD retreated across the board ahead of the Federal Reserve’s rate decision announcement on December 16. There was no data to guide investors as the agenda was empty for both U.S. and Canadian releases with left the pair trading at 1.3565. West Texas crude recovered 0.36 percent in the past 24 hours in a volatile trading session that printed highs of $38.58 and lows of $36.49 but the WTI priced settled at $37.02



The stockpile of U.S. crude fell by 3.6 million barrels according to the Energy Information Administration EIA when the forecast called for a gain of about half a million barrels. The price of oil could not capitalize on the drop in crude supply given that refined oil also surprised with a larger than expected increase. The larger stockpile of distillates offset the earlier gains on lower crude inventories. Warmer than usual weather is blamed for distillate demand being lower. The worldwide supply glut of crude and refined oil means that U.S. producers have nowhere to send the excess inventory, putting further downward pressure on the price of oil.



The Canadian dollar will get little guidance from economic releases as the current week looks very thin on the economic calendar. The New Housing Price Index (NHPI) will be published on Thursday, December 10 at 8:30 am. U.S. economic indicators to note are the U.S. unemployment claims published on Thursday and the retail sales figures on Friday, December 11.

CAD events to watch this week:

Thursday, December 10
8:30 am USD Unemployment Claims
Friday, December 11
8:30 am USD Core Retail Sales m/m
8:30 am USD PPI m/m
8:30 am USD Retail Sales m/m
10:00 am USD Prelim UoM Consumer Sentiment

*All times EST

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY holds positive ground around 151.50 following Japanese CPI data

USD/JPY holds positive ground around 151.50 following Japanese CPI data

The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.

USD/JPY News

AUD/USD depreciates on risk aversion amid a stronger US Dollar

AUD/USD depreciates on risk aversion amid a stronger US Dollar

AUD/USD extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar strengthens as recent data indicates annualized economic expansion in the United States, driven by consumer spending.

AUD/USD News

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price finishes Thursday’s session set to reach new all-time highs

Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.

Gold News

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts

Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.

Read more

Bears have been standing before a steamroller so far this year

Bears have been standing before a steamroller so far this year

Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.

Read more

Majors

Cryptocurrencies

Signatures