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USD/CAD remains close to bottom of its daily range - Rabobank

FXStreet (Guatemala) - Despite today's bid in USD/CAD and oil dropping when the EIA report showed US crude inventories rose more than expected last week, analyst at Rabobank noted that oil prices had been lifted partly on the back of a report from the US Energy Information Administration which forecast that global oil demand will grow by the most in six years in 2016 on the back of stalling non-OPEC supply.

To see the latest price action in USD/CAD and oil, read here.

Key Quotes:

"According to the report, demand is expected to rise 270,000 b/d, up 0.3% from September’s forecast in part due to expectations of stronger demand from China."

"Earlier this week oil prices found support on news that Russia and Saudi Arabia have discussed the outlook for oil and on talk that US inventories could see a drop."

"The better tone had been reflected in a better tone of the NOK and the CAD with USD/CAD positioned close to the bottom of its trading range."

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