The USD / CAD is on the bids near 1.3350 while the WTI is fighting at the top, the greenback holds the market's attention

• WTI weakness, Chinese data and USD recovery trigger the rise.
• Some second-level data and speeches from Wilkins of the BOC will be expected to challenge resistance 1.3375.

The USD / CAD greets the highest of the day at 1.3345 before Thursday's European session. Loonie's pair surged due to mixed factors, ranging from a decline in crude oil to soft data from China and a resumption of US dollar (USD) purchases. Traders can now wait for second-level data from the United States and Canada, along with a Wilkins speech from the BoC for further guidance.

WTI struggles to reach its highest level in five months, as API and EIA have confirmed higher inventory levels, while the IMF's sluggishness in global GDP has also contributed to a gold in return. API crude oil inventories increased by USD 4.091 million compared to previous EUR 2.963 million while EIA stocks exceeded the consensus of 2.294 million, with a figure of 7.029 million. Earlier this week, the International Monetary Fund (IMF) lowered its global growth forecast to its lowest level since 2009. This was also the third consecutive reduction in the international lender.

Chinese inflation figures showed mixed results as the consumer price index (CPI) rose less than 2.4%, according to market forecasts, rising 2.3% year-on-year at -0.4%, compared to -0.2% over one month. The Producer Price Index (PPI), however, corresponds to forecasts of 0.4% and remains up from + 0.1% previously.

The US dollar (USD) has returned to market demand as investors have abandoned their commodity offerings due to sluggish Chinese data, while positive news on the US-China trade front has further strengthened the greenback.

In the future, traders will be able to follow the monthly price index for new housing in Canada, followed by Carolyn Wilkins, member of the Board of Directors of the Bank of Canada (BOC), at the Bank's round table World. In the United States, it will be necessary to monitor the weekly jobless claims and the monthly PPI figures.

While the Canadian IPSN could pay back the previous losses of -0.1% with a +0.0% in February, recent improvements in the price of crude oil, Canada's leading export, could help the BOC member to remain warmongering during the round table.

The US PPI could remain unchanged at 1.9% yoy, but increase from + 0.1% to + 0.3% in March compared to the monthly format. In addition, the PPI excluding food and energy index, also called Core PPI, could decrease by 2.5% to 2.4% per year compared to the annual footage, while the MoM figures could increase to + 0 , 2% compared to the previous result of + 0.1%. In addition, initial jobless claims for the week ended April 05 could rise from 202K to 211K.

USD / CAD Technical Analysis

A downward trend line near 1.3375, two weeks old, can immediately limit the rise, a break that may intensify the recent rally to 1.3410 and another resistance line close to 1.3445 / 50.

In contrast, a simple 50-day moving average close to 1.3300, 1.3230 and a 200-day moving average around 1.3195 could be considered a strong support.