USD/CAD HOLDS GROUND ABOVE 1.3650 AS CRUDE OIL DECLINES
- USD/CAD faces challenges as the commodity-linked CAD struggles due to lower Oil prices.
- WTI Oil price depreciates due to a slowing Chinese economy but its downside could be limited by lower US Oil stockpiles.
- Traders await speeches from Fed officials Thomas Barkin and Christopher Waller on Wednesday.
USD/CAD retraces its recent losses from the previous session, trading around 1.3680 during the early European hours on Wednesday. Lower crude Oil prices put pressure on the commodity-linked Canadian Dollar (CAD). Given the fact that Canada is the biggest Oil exporter to the United States (US).
West Texas Intermediate (WTI) Oil price trades around $79.80 per barrel at the time of writing. This decline is attributed to a slowing Chinese economy, which is reducing demand in the world's largest Oil-importing country.
However, the Oil price may limit its downside due to the declining US Oil stockpiles. The American Petroleum Institute (API) reported a decline of 4.4 million barrels in weekly crude Oil stock for the week ending July 12. Analysts surveyed by Reuters had estimated a smaller decrease of 33,000 barrels. The US Energy Information Administration will release its official storage report later in the North American session.
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