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USD/CAD extends winning streak near two-month highs

USD/CAD was near 1.4200 in Asian trade, supported by falling crude prices after US crude inventories rose by 1 million barrels and the government moved to release up to 40 million barrels from the Strategic Petroleum Reserve.

Reported · Written up by our desk · Major Pairs

USD/CAD held near two-month highs in Asian hours on Wednesday, extending its winning streak to an eighth consecutive day, with the pair trading around 1.4200, according to FXStreet.

The outlet linked the move to pressure on the commodity-linked Canadian dollar as crude prices weakened, citing eased energy markets after Middle Eastern crude exports recovered toward pre-war levels to 17.5 million barrels per day, about 98% of baseline output.

FXStreet also pointed to supply relief that intensified downward pressure on oil, including Saudi Arabia partially restarting its East-West pipeline at roughly half capacity and active covert tanker traffic through the Strait of Hormuz, alongside an industry-reported 1-million-barrel build in US crude inventories over the past week.

In addition, the US government announced plans to release up to 40 million barrels from the Strategic Petroleum Reserve to curb domestic fuel costs, which FXStreet said reinforced the bearish tone for crude.

Latest closeWTI crude $93.42 ▲1.1%

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