USD/CAD is rising modestly after closing flat on Tuesday. US Dollar Index consolidates weekly gains near 94.00. IHS Markit will release Manufacturing and Services PMI data for the US. The USD/CAD pair closed virtually unchanged near 1.300 on Tuesday and started to edge higher on Wednesday. As of writing, the pair was up 0.15% on a daily basis at 1.3323. Focus shifts to US PMI data In the absence of significant fundamental drivers, the USD’s market valuation remains the primary driver of USD/CAD’s movements. The US Dollar Index (DXY) gained nearly 0.5% on Tuesday and touched its highest level since late July at 94.25 on Wednesday. However, the upbeat market mood, as reflected decisive gains seen in major European equity indexes, is making it difficult for the DXY to preserve its bullish momentum. Ahead of the IHS Markit’s preliminary Manufacturing and Services PMI data for September, the DXY is flat on the day near 94.00. Moreover, FOMC Chairman Jerome Powell is scheduled to testify before Congress at 1400 GMT. On Tuesday, Powell refrained from delivering any comments on the policy outlook during his testimony before the House Financial Services Committee. On the other hand, crude oil prices are staying relatively calm on Wednesday, failing to provide a directional clue to USD/CAD. The barrel of West Texas Intermediate (WTI) registered modest gains on Tuesday and was last seen gaining 0.55% on the day at $39.95. Later in the day, the US Energy Information Administration (EIA) will release its weekly Crude Oil Stock Change data. 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 AUD/USD: A top is in place with support seen at 0.7083 – Credit Suisse FX Street 1 year USD/CAD is rising modestly after closing flat on Tuesday. US Dollar Index consolidates weekly gains near 94.00. IHS Markit will release Manufacturing and Services PMI data for the US. The USD/CAD pair closed virtually unchanged near 1.300 on Tuesday and started to edge higher on Wednesday. As of writing, the pair was up 0.15% on a daily basis at 1.3323. Focus shifts to US PMI data In the absence of significant fundamental drivers, the USD's market valuation remains the primary driver of USD/CAD's movements. The US Dollar Index (DXY) gained nearly 0.5% on Tuesday and touched its highest level since… Top 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.
