Fears over USD shortage is pushing DXY higher on Tuesday. WTI posts small recovery gains, trades below $30. Coming up: Manufacturing Sales from Canada, Retail Sales from US. After breaking above the 1.4000 handle during the European session on Tuesday, the USD/CAD pair extended its rally and rose to its highest level since January 2016 at 1.4135. As of writing, the pair was trading a couple of pips below that peak, adding 0.85% on a daily basis. DXY breaks above 99 The broad-based USD strength amid heightened fears over funding stress seems to have become the main market theme. The US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, was last up 1.22% on the day at 99.20. According to Reuters, excessive US swap prices show that the US dollar funding situation continues to worsen with overnight (T/N) EUR/USD swap surging to 10% vs 0.15% on a regular day. On the other hand, the barrel of West Texas Intermediate struggles to stage a meaningful recovery and continues to trade near the $29 mark to make it difficult for the commodity-related loonie to show resilience against the buck. In the second half of the day, the Manufacturing Sales data from Canada and the Retail Sales and Industrial Production data from the US will be featured in the economic docket. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Poland: Fiscal stimulus will be PLN negative – TDS FX Street 2 years Fears over USD shortage is pushing DXY higher on Tuesday. WTI posts small recovery gains, trades below $30. Coming up: Manufacturing Sales from Canada, Retail Sales from US. After breaking above the 1.4000 handle during the European session on Tuesday, the USD/CAD pair extended its rally and rose to its highest level since January 2016 at 1.4135. As of writing, the pair was trading a couple of pips below that peak, adding 0.85% on a daily basis. DXY breaks above 99 The broad-based USD strength amid heightened fears over funding stress seems to have become the main market theme. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
