-
USD/CAD rebounds sharply on Canadian trade deficit, crude oil pullback
USD/CAD continued its sharp rebound for the second consecutive day on Wednesday as crude oil remained in retreat, the US dollar saw a modest relief bounce, and the Canadian dollar was hit by data showing a worse-than-expected trade deficit. The two-day rebound has lifted the currency pair from major support around the 1.2500 level, where a new 10-month low was established earlier in the week. Supporting the rise for USD/CAD from its long-term lows were several key factors that weighed heavily on the Canadian dollar. Canadian trade balance data for March that was released on Wednesday showed a merchandise trade ... (full story)