Robust EIA Report, BoC Boosts USD/CAD

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Robust EIA Report, BoC Boosts USD/CAD

On most FED Curiosity Charge Announcement days, foreign exchange motion is modest. At this time has been a special story as a number of of the maj


On most FED Curiosity Charge Announcement days, foreign exchange motion is modest. At this time has been a special story as a number of of the majors are trending forward of the two:00 PM EST FED engagement. Among the many most lively pairs has been the USD/CAD. Because the EIA Crude Oil Shares Report turned public earlier within the session, the Dollar has placed on a present versus the Loonie.

EIA Experiences Huge Provide Construct

The weekly crude oil inventories cycle is full and provides are on the rise. Fall seasonality is in full impact, as proven by this week’s provide stats:

Occasion                                     Precise       Projected     Earlier

API Crude Oil Shares            0.592M            NA             4.450M

EIA Crude Oil Shares            5.702M         0.494M       -1.699M

Each the API and EIA figures every confirmed a construct in supplies-on-hand however in very alternative ways. Whereas the API quantity was technically constructive, it did present an virtually Four million barrel lower from final Tuesday. Then again, the EIA report got here in extraordinarily constructive at 5.702 million barrels. At this level, the EIA report is profitable the day ― WTI crude oil is off greater than 1% per barrel and the USD/CAD is on the bull.

An Energetic Day For The USD/CAD

Bullish sentiment has been the story of the day for the USD/CAD. Charges have jumped…



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