- USD/CAD is falling for the third straight trading day on Monday.
- US Dollar Index remains on the back foot at the start of the week.
- WTI consolidates last week’s gains, trades below $45.
The USD/CAD pair started the new week near 1.3000 and started to push lower during the European trading hours. As of writing, the pair was trading at its lowest level since November 9th at 1.2965, losing 0.16% on a daily basis.
USD struggles to find demand
The broad-based USD weakness on Monday seems to be causing USD/CAD to remain under bearish pressure. The US Dollar Index, which lost 0.62% last week, is currently at its lowest level since late April of 2018 at 91.63, down 0.16% on the day.
Later in the day, the ISM Chicago’s PMI, Pending Home Sales and the Dallas Fed’s Manufacturing Business Index will be featured in the US economic docket. Meanwhile, Statistics Canada will release the Raw Materials Price Index and Building Permits data.
In the meantime, despite the lacklustre performance of crude oil prices, USD/CAD struggles to stage a meaningful rebound. At the moment, the barrel of West Texas Intermediate (WTI) is down 1.65% on the day at $44.80. However, this move seems to be a correction of last week’s impressive upsurge, during which the WTI gained more than 7%, and doesn’t impact the commodity-sensitive CAD’s performance against its rivals.
Technical levels to watch for
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