Daily Afternoon Report 21.06.2017

The U.S. dollar moved higher gains against its Canadian counterpart on Wednesday, as investors awaited the release of U.S. housing sector data later in the day, although a rebound in oil prices lent some support to the commodity-heavy Canadian currency.

The U.S. dollar found some support following hawkish remarks made on Monday by New York Fed president William Dudley, who reinforced expectations for the Fed to keep raising interest rates.

However, Chicago Fed president Charles Evans did deliver a more dovish outlook after the market close on Monday, suggesting that it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again.

Meanwhile, the Canadian dollar benefited from a rebound in oil prices on Wednesday, ahead of the weekly report on U.S. crude inventories.