FXstreet.com (Córdoba) - The Canadian Dollar is now falling against the Dollar on Wednesday affected by a decline in crude oil prices. Currently the pair trades at 1.0615/20, 0.25% above today's opening price action. USD/CAD bottomed earlier during the European session at 1.0522 posting a fresh year low.
The Dollar recovered later and rose back above 1.0600 to 1.0649, intra-day high. USD/CAD is now pointing to the downside; the immediate support lies at 1.0605 and below at 1.0580 and 1.0525 (intra-day low).
The ecPulse.com analysis team affirms: U.S. commercial crude oil inventories decreased by 1.0 million barrels from the previous week. At 337.4 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year. Total motor gasoline inventories increased by 2.9 million barrels last week, and are above the upper limit of the average range.