USD/CAD pair is edging lower in the early American session. US Dollar Index continues to move sideways near 90.50. Rising crude oil prices help CAD find demand. After rising to a fresh daily high of 1.2171 on Monday, the USD/CAD pair lost its traction during the American trading hours and was last seen losing 0.15% on the day at 1.2135. WTI extends rally to fresh multi-year highs Earlier in the day, the USD’s resilience allowed USD/CAD to stay in the positive territory. The US Dollar Index, which gained 0.42% last week, continues to move sideways around 90.50 in the absence of significant fundamental drivers. However, rising crude oil prices provided a boost to the commodity-related CAD in the second half of the day and forced USD/CAD to turn south. Currently, the barrel of West Texas Intermediate (WTI) is trading at its highest level since October 2018 at $71.70, gaining 1.3% on a daily basis. Meanwhile, the data from Canada showed that Manufacturing Sales in April contracted by 2.1% on a monthly basis. Although this reading came in worse than the market expectation for a decrease of 1%, it doesn’t seem to be having a negative impact on the CAD’s market valuation. On Tuesday, the US Census Bureau will release May Retail Sales data. More importantly, the FOMC will announce its policy decisions and publish the updated Summary of Economic Projections on Wednesday. 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 Commerzbank expects gold to rise to $2,000/oz by end of 2021 – Reuters FX Street 2 years USD/CAD pair is edging lower in the early American session. US Dollar Index continues to move sideways near 90.50. Rising crude oil prices help CAD find demand. After rising to a fresh daily high of 1.2171 on Monday, the USD/CAD pair lost its traction during the American trading hours and was last seen losing 0.15% on the day at 1.2135. WTI extends rally to fresh multi-year highs Earlier in the day, the USD's resilience allowed USD/CAD to stay in the positive territory. The US Dollar Index, which gained 0.42% last week, continues to move sideways around 90.50 in the absence… 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.
