“¢ A modest USD uptick helped regain some positive traction on Tuesday. “¢ Bullish oil prices do little to underpin Loonie/attract some fresh selling. “¢ Traders seemed reluctant to place bets ahead of Wednesday’s BoC meeting. The USD/CAD pair regained positive traction on Tuesday and recovered a major part of the previous session’s sharp intraday downfall. The commodity-linked currency – Loonie was among the strongest ones at the start of a new trading week and was underpinned by a fresh leg of an upsurge in crude oil prices, supported by news that the US plans to halt waivers for countries that import Iranian oil. Having repeatedly failed to build on its momentum beyond the 1.3400 handle, the pair witnessed a modest pullback at the start of a new trading week, though lacked any strong bearish follow-through on Tuesday amid a modest US Dollar uptick. The move clearly underscores investors’ reluctance to place any aggressive bets ahead of the latest BoC monetary policy update on Wednesday, where the central bank may again strike a more cautious tone amid the recent softness in the domestic economy. This coupled with important US macro data, including the advance US GDP report on Friday, would play an important role in determining the pair’s next leg of a directional move. Hence, it would be prudent to wait for a sustained move in either direction before positioning for the near-term trajectory. In the meantime, the USD/oil price dynamics might continue to act as key determinants of the pair’s momentum through Tuesday’s trading session amid absent relevant market moving economic releases, either from the US or Canada. Technical levels to watch 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 China urges US to take a constructive attitude on Iran FX Street 4 years "¢ A modest USD uptick helped regain some positive traction on Tuesday. "¢ Bullish oil prices do little to underpin Loonie/attract some fresh selling. "¢ Traders seemed reluctant to place bets ahead of Wednesday's BoC meeting. The USD/CAD pair regained positive traction on Tuesday and recovered a major part of the previous session's sharp intraday downfall. The commodity-linked currency - Loonie was among the strongest ones at the start of a new trading week and was underpinned by a fresh leg of an upsurge in crude oil prices, supported by news that 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.
