USD/CAD is hovering on a daily low, slightly above the mid-1.3300s, as oil prices rise and the USD weakens.

 

Due to several variables, USD/CAD decreases for the second day. The Loonie is supported by rising Crude Oil prices, which put pressure on the pair as USD selling has resumed. Traders looking for short-term opportunities now anticipate the US PPI and Retail Sales statistics.

Following an early increase to the 1.3410 range, the USD/CAD pair draws new selling on Wednesday and falls for a second straight day. The continuous intraday decline, supported by several reasons, pushes spot prices to a new weekly low in the middle of the 1.3300s during the first part of the European session.

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