Canadian dollar declines in tandem with the US oil. Dollar rebound amid risk-aversion boosts USD/CAD further. Focus on US Retail Sales data and BOC rate decision. The USD/CAD pair extends the bounce above 1.3950 in the European session this Wednesday, snapping a four-day losing streak. At the time of writing, the spot rises 0.70% to a new two-day high of 1.3978, with a big figure recovery staged from the daily low of 1.3874. WTI price-action and BOC to drive the CAD The spot receives a double booster shot, as the bulls cheer broad-based US dollar recovery. The greenback draws the haven bids amid risk-off trading seen in the global equities. The US dollar index jumps back above the 99 handle, now gaining 0.22%. Meanwhile, oil prices stalled its recovery and resumed the recent downtrend, pressuring the resource-linked Loonie and in turn offering fresh legs to the USD/CAD bounce. The barrel of WTI shaved-off the early recovery gains to now trade flat just above the 20 level. The Canadian dollar also tracks the steep declines in other commodity-currencies, the Antipodeans. The aussie dollar, however, emerged the weakest amongst the resource-linked currency pack. The CAD traders also turn cautious and resort to repositioning ahead of the Bank of Canada (BOC) Interest Rate Decision due later this Wednesday. The US Retail Sales data for March will also have a significant impact on the major. USD/CAD technical levels to watch 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: Taking the stairs up and the elevator down FX Street 2 years Canadian dollar declines in tandem with the US oil. Dollar rebound amid risk-aversion boosts USD/CAD further. Focus on US Retail Sales data and BOC rate decision. The USD/CAD pair extends the bounce above 1.3950 in the European session this Wednesday, snapping a four-day losing streak. At the time of writing, the spot rises 0.70% to a new two-day high of 1.3978, with a big figure recovery staged from the daily low of 1.3874. WTI price-action and BOC to drive the CAD The spot receives a double booster shot, as the bulls cheer broad-based US dollar recovery. The greenback draws… 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.
