WTI falls into negative territory after refreshing multi-week highs. US Dollar Index clings to modest daily gains on Tuesday. Building permits in Canada rose sharply in July. The USD/CAD pair spent the first half of the day moving sideways below the 1.32 handle but came under a renewed pressure during the American trading hours and touched its lowest level since late July at 1.3131 as rising crude oil prices allowed the commodity-sensitive Loonie to outperform the Greenback. CAD capitalizes on oil rally before market mood changes However, with the crude oil rally losing its traction in the last few hours, the pair recovered a small part of its daily losses and was last seen trading at 1.3150, erasing 0.1% on a daily basis. Earlier today, hopes of OPEC+ committing to additional output cuts boosted crude oil prices. The barrel of West Texas Intermediate rose to its highest level in five weeks at $58.74 but reversed its direction. However, news of US President Trump’s national security adviser Bolton resigning triggered an oil sell-off as it was assessed as a development that would ease fears over a conflict in the Middle-East. At the moment, the barrel of WTI is down nearly 1% on the day at $57.30. Today’s data from Canada showed that following a 3.1% contraction in June, building permits rose 3% in July and provided an additional boost to the CAD. On the other hand, the lack of major macroeconomic data releases from the United States allowed the US Dollar Index to preserve yesterday’s recovery gains and caused the pair to limit its losses. Technical levels to consider 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 Oil bulls target the $60 handle, although fresh supply fears capping the advance FX Street 4 years WTI falls into negative territory after refreshing multi-week highs. US Dollar Index clings to modest daily gains on Tuesday. Building permits in Canada rose sharply in July. The USD/CAD pair spent the first half of the day moving sideways below the 1.32 handle but came under a renewed pressure during the American trading hours and touched its lowest level since late July at 1.3131 as rising crude oil prices allowed the commodity-sensitive Loonie to outperform the Greenback. CAD capitalizes on oil rally before market mood changes However, with the crude oil rally losing its traction in the last… 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.
