USD/CAD appreciates due to the prevalent hawkish sentiment surrounding the Fed to prolong its higher interest rate. Fed’s Kashkari believesinterest rates to stay unchanged for an extended period. The lower WTI price weakens the Canadian Dollar as Canada is the largest Oil exporter to the US. This upward movement is attributed to the stronger US Dollar , fueled by the prevailing hawkish sentiment surrounding the Federal Reserve and expectations of sustained higher interest rates.
Oil traders will shift their focus to the US Crude Oil Stocks Change due later on Wednesday. Energy Information Administration is expected to report a decline in a weekly measure of the change in the number of barrels in stock of crude Oil and its derivates. Furthermore, despite higher-than-expected Ivey Purchasing Managers Index figures from Canada, the CAD failed to gain traction. Canada's seasonally-adjusted Ivey PMI for April climbed to 63.0 from 57.5, surpassing the forecast of 58.1.
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