Ella 
USD/CAD continues its losing streak that began on April 17, trading around 1.3660 during the Asian session on Wednesday. Disappointing U.S. Purchasing Managers Index (PMI) data released on Tuesday sent the U.S. dollar (USD) lower, putting downward pressure on the pair.
In April, the initial value of the US S&P Global Composite Purchasing Managers Index fell to 50.9 from the previous value of 52.1. In addition, the manufacturing purchasing managers index fell to 49.9 from the previous value of 51.9, below expectations of 52.0. Likewise, the services PMI fell to 50.9 from 51.7 previously, missing expectations of 52.0.
In Canada, rising crude oil prices provided upside support to the Canadian dollar (CAD) as Canada is the largest exporter of crude oil to the United States. At press time, West Texas Intermediate (WTI) crude oil was trading around $83.20 a barrel.
Crude oil prices rose after industry data showed U.S. crude inventories unexpectedly fell last week, pointing to favorable demand dynamics. Attention has shifted away from tensions in the Middle East. The American Petroleum Institute (API) reported that U.S. crude oil inventories fell by 3.23 million barrels in the week ended April 19, contrary to expectations for a rise of 1.8 million barrels and a rise of 4.09 million barrels the previous week.
