USD/CAD is having a difficult time setting a short-term direction. US Dollar Index stays in the negative territory below 96.50. Falling crude oil prices weigh on commodity-related loonie. The USD/CAD pair is trading in a tight range on Thursday in the absence of significant fundamental drivers. As of writing, the pair was virtually unchanged on a daily basis at 1.3508. DXY starts to push lower Earlier in the session, the data published by the US Department of Labor showed that the weekly Initial Jobless Claims edged lower from 1.41 million to 1.31 million in the week ending July 4th. With this reading providing a modest boost to risk sentiment, the US Dollar Index (DXY), which spent the majority of the day near 96.50, lost its traction and was last seen down 0.1% on the day at 96.38. On the other hand, a renewed selling pressure surrounding crude oil prices didn’t allow the commodity-sensitive CAD to capitalize on the USD weakness. At the moment, the barrel of West Texas Intermediate was losing 0.9% on the day at $40.50. Meanwhile, the only data from Canada revealed that Housing Starts in June rose to 211.7K on a yearly basis in June and surpassed the market expectation of 198K. Nevertheless, this reading had no impact on the CAD’s performance. On Friday, Statistics Canada will reveal the labour market report. Markets expect the Unemployment Rate to retreat to 12% from 13.7% in May. A better-than-expected reading could help the CAD end the week on a strong note against its rivals. 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/USD to retest the 1.1370 daily high above 1.1350 FX Street 3 years USD/CAD is having a difficult time setting a short-term direction. US Dollar Index stays in the negative territory below 96.50. Falling crude oil prices weigh on commodity-related loonie. The USD/CAD pair is trading in a tight range on Thursday in the absence of significant fundamental drivers. As of writing, the pair was virtually unchanged on a daily basis at 1.3508. DXY starts to push lower Earlier in the session, the data published by the US Department of Labor showed that the weekly Initial Jobless Claims edged lower from 1.41 million to 1.31 million in the week ending July 4th. With… 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.
