USD/CAD hits 1.3000 on weak oil price ahead of Fed's Powell Testimony and CPI Data Release | ICM.COM

USD/CAD hits 1.3000 on weak oil price ahead of Fed's Powell Testimony and CPI Data Release | ICM.COM

USD/CAD rebounds to pass 1.3000 during early morning Wednesday European session. The US dollar is stronger ahead of Fed Chair Jerome Powell's testimony. Supporting the upside drive is the fall in oil prices, Canada's major export item. WTI crude oil falls back to a monthly low, at around $108, after US President Biden pushes for lower energy prices.

A key event to be observed today is the Bank of Canada's (BOC) Consumer Price Index for fresh directions, expectations are at 5.9% YoY vs. 5.7% in May.

USD/CAD hits 1.3000 on weak oil price ahead of Fed's Powell Testimony and CPI Data Release | ICM.COM

ICM.COM Market Updates

ICM.com is a UK-based, global, multi-regulated broker, and financial services provider, providing online foreign exchange (FOREX) and Contract for Difference (CFDs) trading solutions as well providing access to most of the world’s stock exchanges via its ICM Securities platform.

ICM’s aim is to provide a safe online trading environment and comprehensive support to all its customers with no compromise on speed, performance, variety of instruments, or price.

The company provides one of the highest levels of insurance in the industry. Client funds are secured in segregated accounts with tier 1 banks and they offer a variety of ways to ensure your funds are always easily accessible. They also have a Civil Liability Insurance Programme that covers up to £5 million.

ICM.com have over 5,000+ products available including currencies (FOREX), Indices, Commodities, precious metals, futures, and cryptocurrencies making them a one-stop-shop for all your trading needs. Its products can be traded via the MetaTrader 4, MetaTrader 5, or cTrader platforms. The company also provides access to all the major stock exchanges globally via its ICM Securities platform.