The greenback advanced versus the loonie on Wednesday following 2 days of losses and a 2-week low, as oil reversal underpinned USD/CAD.
USD/CAD bottomed out at 1.2350 on Tuesday, as the loonie strengthened in tandem with oil prices, but the pair took a turn and rose more than 100 pips throughout the day, reaching a high of 1.2491 in recent dealings. At time of writing, USD/CAD is trading at 1.2485, recording a 0.61% gain on the day.
Data-wise, the Ivey PMI is on the Canada docket, while the in the US the ISM non-manufacturing PMI and the Markit Services PMI will be published later on the session. However, after ADP data failed to trigger action, trading is expected to remain quiet into the nonfarm payrolls report, and Canadian employment changed, to be released on Friday.
USD/CAD bottomed out at 1.2350 on Tuesday, as the loonie strengthened in tandem with oil prices, but the pair took a turn and rose more than 100 pips throughout the day, reaching a high of 1.2491 in recent dealings. At time of writing, USD/CAD is trading at 1.2485, recording a 0.61% gain on the day.
Data-wise, the Ivey PMI is on the Canada docket, while the in the US the ISM non-manufacturing PMI and the Markit Services PMI will be published later on the session. However, after ADP data failed to trigger action, trading is expected to remain quiet into the nonfarm payrolls report, and Canadian employment changed, to be released on Friday.
