Daily Afternoon Report 10.05.2017

The U.S. dollar edged lower against its Canadian counterpart on Wednesday, as investors remained cautious amid fresh U.S. political jitters and as higher oil prices lifted the commodity-related Canadian currency.

The greenback came under pressure after U.S. President Donald Trump abruptly fired FBI Director James Comey.

Comey had been leading his agency’s investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump’s campaign.

Meanwhile, the Canadian dollar benefited from a rally in oil prices on Wednesday, as traders eyed the weekly report on U.S. oil inventories.