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The Canadian dollar rose against its major counterparts in Wednesdays European session

2018-07-25 02:35 pm | Resource: NEWS | No Views : 268

The Canadian dollar rose against its major counterparts in the European session on Wednesday as data from the US Petroleum Institute showed a drop in US oil inventories more than expected last week. Brent crude rose 62 cents, or 0.84 percent, to $ 74.03 a barrel

US crude inventories fell by 3.2 million barrels a week to July 20 to 407.6 million barrels, compared with expectations of a 2.3 million barrel decline, the institute's data showed late Tuesday.

While reports that China will increase spending on infrastructure have contributed to easing demand concerns, the International Monetary Fund (IMF) report predicted a sharp drop in oil production in Venezuela, which is experiencing a sharp breakdown in activity and a humanitarian crisis.

Investors focused on a key meeting between US President Donald Trump and European Commission President Jean-Claude Juncker on trade for the direction.

The Canadian dollar rose to 0.9725 against the Australian dollar, from a 6-day low of 0.9786 which reached 9:30 pm Eastern Time. If the Canadian dollar continues to rise, 0.96 will likely be seen as the next resistance level.

The Canadian dollar rose to a two-day high of 1.3126 against the US dollar after falling to 1.3166 at 11:15 pm Eastern Time. We see the following Canadian resistance around the 1.30 level.

The Canadian dollar rose to a 6-day high of 1.5352 against the euro after falling to 1.5380 at 3:45 am ET. On the upside, 1.51 is likely to be seen as the next resistance level.

The Canadian dollar rose to 84.69 against the yen, aiming to break above its two-day high of 84.72. The Canadian dollar is likely to find resistance around 86.00.

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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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