Forex - USD/CAD down ahead of U.S. oil inventory data

Forex Pros – The Canadian dollar was up against its U.S. counterpart on Wednesday, on speculation that U.S. crude oil inventories would decline when U.S. Energy Information Administration data was released later in the day.

USD/CAD hit 1.0491 during European morning trade, a daily low; the pair subsequently consolidated at 1.0501, shedding 0.49%.

The pair was likely to find support at 1.0319, Monday’s low and resistance at 1.061, the high of June 8.

Earlier in the day, the Bank of Canada announced that Timothy Hodgson, chief executive of Goldman Sachs Canada, will serve as special adviser on financial market reforms to bank head Mark Carney for an 18-month term beginning on Sept. 1.

The loonie was also up against the euro, with EUR/CAD shedding 0.29% to hit 1.2825.

Later in the day, the U.S. payroll processing firm ADP was to release a key report on employment change in the U.S. private sector. Also Wednesday, an industry report was due to be published on the manufacturing sector in the Chicago area.