USD/CAD fell sharply after breaking below 1.3400 on Thursday. US Dollar Index lost its traction in the American session. WTI clings to decisive daily gains above $40. The USD/CAD pair climbed to its highest level since early August at 1.3418 on Thursday but reversed its direction during the American trading hours. As of writing, the pair was down 0.33% on a daily basis at 1.3342. The greenback, which has been gathering strength against its rivals since the start of the week, came under modest pressure in the second half of the day on Thursday. Although there was no clear catalyst behind the renewed USD weakness, a decisive rebound witnessed in major equity indexes in the US seems to be weighing on the US Dollar Index (DXY). At the moment, the DXY is posting small daily losses at 94.30 and the S&P 500 Index is up 0.35%. WTI recovery helps CAD find demand On the other hand, rising crude oil prices are providing a boost to the commodity-related loonie and allowing the bearish pressure on USD/CAD to remain intact. After spending the majority of the day in a tight range near mid-$39s, the barrel of West Texas Intermediate (WTI) turned north in late American session and touched a daily high of $40.35. Earlier in the day, the data published by Statistics Canada showed that payroll employment in July rose by 5.1%, or 739,700, but was largely ignored by the market participants. There won’t be any macroeconomic data releases featured in the Canadian economic docket on Friday and Durable Goods Orders data from the US will be looked upon for fresh impetus. 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 NZD/USD bulls taking charge from demand area for a 38.2% Fib retracement FX Street 2 years USD/CAD fell sharply after breaking below 1.3400 on Thursday. US Dollar Index lost its traction in the American session. WTI clings to decisive daily gains above $40. The USD/CAD pair climbed to its highest level since early August at 1.3418 on Thursday but reversed its direction during the American trading hours. As of writing, the pair was down 0.33% on a daily basis at 1.3342. The greenback, which has been gathering strength against its rivals since the start of the week, came under modest pressure in the second half of the day on Thursday. Although there was no clear catalyst… 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.