{"id":86706,"date":"2023-07-19T19:41:18","date_gmt":"2023-07-19T15:41:18","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=86706"},"modified":"2023-07-19T20:42:26","modified_gmt":"2023-07-19T16:42:26","slug":"canadas-dollar-drops-on-crude-oil-inventory-draw","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/canadas-dollar-drops-on-crude-oil-inventory-draw\/07\/19\/market-updates\/","title":{"rendered":"Canada\u2019s dollar drops on crude oil inventory draw"},"content":{"rendered":"\n<p>The USD\/CAD pair is trading in the 1.31s during the US session. The Canadian dollar wavers after data shows a lower-than-estimated crude oil inventory draw, reflecting weaker demand. The US dollar holds up surprisingly well despite lower-than-expected US housing data.    <br><br>Canada\u2019s dollar trades lower against its US counterpart after crude oil prices give up their gains on the back of US data showing a lower-than-expected Oil Inventory Draw.<br><br>US Building Permits and Housing Starts data came out lower-than-expected which ought to have weighed on USD and benefited CAD, but had the opposite effect. <br><br>The Canadian Dollar edges lower after Crude Oil prices give up gains on the back of US Oil inventory data from the Energy Information Administration (EIA), showing a lower-than-forecast draw on US inventories.  <br><br>EIA Crude OIl Stocks Change in the week ending July 14, came in at -0.708M against analyst&#8217;s estimates of 2.44M and a gain of 5.946M in the week before. This suggests lower-than-expected demand for Crude Oil, which falls after the news.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD\/CAD pair is trading in the 1.31s during the US session. The Canadian dollar wavers after data shows a lower-than-estimated crude oil inventory draw, reflecting weaker demand. The US dollar holds up surprisingly well despite lower-than-expected US housing data. Canada\u2019s dollar trades lower against its US counterpart after crude oil prices give up their &hellip;<\/p>\n","protected":false},"author":13,"featured_media":61332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7435,7436,6944,6859],"class_list":["post-86706","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-canadian-dollar","tag-crude-oil","tag-eia","tag-oil-inventories"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86706"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86706\/revisions"}],"predecessor-version":[{"id":86780,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86706\/revisions\/86780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61332"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}