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USDCAD Plummets Following US Oil Inventories Data

USDCAD Plummets Following US Oil Inventories Data

Yash Gandhi, Contributor

Talking Points:

  • USD DOE Crude Oil Inventories comes in at -4203K vs 850K estimates
  • US DOE Gasoline Inventories has a -363K read vs 250K market expectations
  • USDCAD plummets -60-pips following dismal oil inventories data

US DOE Crude Oil Inventories missed big time on expectations set forth by Bloomberg news economists of 850K. The data, which came in at -4203K, represents a -5053K miss. U S DOE Gasoline was also off the mark reading -212K vs 250K estimates. Cushing Crude Inventory was -212K vs 250K estimates while distillate inventories was the only favorable DOE read coming in at 2588K vs 1450K estimates.

The US Dollar was weakened by the unfavorable oil inventories data causing a huge downtick against the Canadian Dollar. USDCAD traded at $1.2945 prior to the data prints and dropped -70-pips after market participants priced the misses from estimates. USDCAD found support at $1.2867 and has since climbed trading at $1.2889 at the time of writing.

Here’s a full summary of US DOE data at 14:30GMT:

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.