Investing.com – The Canadian dollar surged to a fresh 2-day high against its American counterpart on Wednesday, boosted by improved risk sentiment and ahead of U.S. data on crude oil inventories.
USD/CAD hit 1.0515 during late European trade, its highest since Friday; the pair subsequently consolidated at around 1.0401, gaining 0.7%.
The pair was likely to find support at 1.0333, last Thursday’s low, and resistance at 1.61, Tuesday’s high.
Earlier Wednesday, Reuters published a report stating that Chinese exports in May grew about 50% from a year earlier.
The news agency cited three sources as saying the surprisingly strong exports came alongside figures showing that the domestic economy was performing in line with relatively strong expectations.
Meanwhile, the loonie was also up against the yen, with CAD/JPY gaining 0.69% to hit 87.93.
Later in the day, the U.S. was set to publish weekly data on crude oil inventories, which also affects the loonie, due to Canada’s sizable energy sector.
USD/CAD hit 1.0515 during late European trade, its highest since Friday; the pair subsequently consolidated at around 1.0401, gaining 0.7%.
The pair was likely to find support at 1.0333, last Thursday’s low, and resistance at 1.61, Tuesday’s high.
Earlier Wednesday, Reuters published a report stating that Chinese exports in May grew about 50% from a year earlier.
The news agency cited three sources as saying the surprisingly strong exports came alongside figures showing that the domestic economy was performing in line with relatively strong expectations.
Meanwhile, the loonie was also up against the yen, with CAD/JPY gaining 0.69% to hit 87.93.
Later in the day, the U.S. was set to publish weekly data on crude oil inventories, which also affects the loonie, due to Canada’s sizable energy sector.