FXstreet.com (Barcelona) - The recent rise in crude prices Wednesday has underpinned the USD/CAD causing a mild depreciation in American trading. In addition, the recent release of the EIA Crude Oil Stocks Change (August 3) came in below expectations, reporting a figure of -3.728M against a consensus of only -0.540M.
At the present, the price of crude has registered gains of +0.60% on the day, settling in the region of USD $94.23. This has clearly affected the USD/CAD, which trades at 0.9960 at the time of writing, justifying a tepid departure of -0.09% from opening levels.
According to the technical analysts at Mataf.net, measured supportive structures are located at 0.9952, then 0.9932, and ultimately 0.9902. Controlling for an upswing, the USD/CAD will meet calculated resistance at 1.0002, 1.0032, and finally 1.0052.
At the present, the price of crude has registered gains of +0.60% on the day, settling in the region of USD $94.23. This has clearly affected the USD/CAD, which trades at 0.9960 at the time of writing, justifying a tepid departure of -0.09% from opening levels.
According to the technical analysts at Mataf.net, measured supportive structures are located at 0.9952, then 0.9932, and ultimately 0.9902. Controlling for an upswing, the USD/CAD will meet calculated resistance at 1.0002, 1.0032, and finally 1.0052.
