On Wednesday (March 21) New York City, the US dollar hit a daily high of 0.9934 against the Canadian dollar after gains were limited, and then remained above 0.99 to run.
Bernanke said in the parliamentary testimony that the Fed is currently holding some high-quality sovereign debt and has not considered purchasing sovereign debt; as the economy grows, interest rates will rise and the dollar will respond to changes in interest rates.
After publishing a series of tepid comments, Bernanke explicitly denied the possibility of QE3 and said that it will maintain a strong dollar position and support the US dollar higher on a short-term basis, boosting the US dollar against the Canadian dollar.
In addition, European and American stock markets were lower during the session, and the Pan-European blue-chip performance index ended flat after a wave of decline. For US stocks, the three major stock indexes were also under pressure during the session.
Mary Nicola, a foreign exchange strategist at BNP Paribas SA, said that the European and US stock markets were lower and market risk appetites were suppressed. The yen and commodity currencies fell against the US dollar and the US dollar index was higher.
However, the U.S. crude oil inventories previously announced by the U.S. on March 17 decreased by 1.16 million barrels to 3.4629 billion barrels; gasoline inventories decreased by 1.21 million barrels to 2.2691 billion barrels. The rapid rebound of international crude oil prices in the short term has given some support to the Canadian dollar, and the USD/CAD rally has failed to continue.
From a technical point of view, the US dollar is running against the Canadian dollar near the lower rail of the weekly chart of Brin. The daily chart is slightly downside, and it may maintain wide-range oscillations in the short-term. The resistance above concerns 0.9950 and the bottom support concerns 0.9850.
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