USD/CAD is trading above 1.3400 on Monday after last week’s choppy action. US Dollar Index rising for the second straight day. WTI drops below $40 to weigh on commodity-sensitive CAD. The USD/CAD pair closed the previous week little changed above 1.3400 as the commodity-sensitive CAD failed to take advantage of broad-based weakness amid falling crude oil prices. With the greenback gathering strength and crude oil staying under selling pressure, USD/CAD stretched higher on Monday and touched a daily top of 1.3441. As of writing, the pair was up 0.16% on a daily basis at 1.3435. WTI trades below $40 on Monday Resurfacing worries over a dismal global energy demand outlook due to a second wave of coronavirus and the reduction in OPEC+ output cuts by 2 million barrels per day from August to December continue to weigh on crude oil prices. At the moment, the barrel of West Texas Intermediate was losing more than 1% on the day at $39.90. On the other hand, the US Dollar Index (DXY), which staged a decisive rebound on Friday, started the new week on a strong footing. Ahead of the IHS Markit’s and the ISM’s Manufacturing PMI data for July, the DXY is up 0.32% at 93.75. There won’t be any macroeconomic data releases featured in the Canadian economic docket. A rebound witnessed in the US Treasury bond yields seems to be helping the USD preserve its strength against its major rivals. The 10-year US T-bond yield was last up 2.4% at 0.547%. 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 EUR/JPY weaker, back below 125.00 ahead of key US data FX Street 3 years USD/CAD is trading above 1.3400 on Monday after last week's choppy action. US Dollar Index rising for the second straight day. WTI drops below $40 to weigh on commodity-sensitive CAD. The USD/CAD pair closed the previous week little changed above 1.3400 as the commodity-sensitive CAD failed to take advantage of broad-based weakness amid falling crude oil prices. With the greenback gathering strength and crude oil staying under selling pressure, USD/CAD stretched higher on Monday and touched a daily top of 1.3441. As of writing, the pair was up 0.16% on a daily basis at 1.3435. WTI trades below $40 on… 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.
