USD/CAD lost its traction after climbing to 1.3250 area. US Dollar Index clings to modest daily gains above 93.00. WTI pares early losses, stays flat near $40 following Wednesday’s upsurge. The USD/CAD pair rose to its highest level since September 9th at 1.3248 on Thursday but struggled to preserve its bullish momentum. As of writing, the pair was still up 0.22% on the day at 1.3205. DXY pushes higher in the aftermath of FOMC The USD’s market valuation remains the primary driver of USD/CAD’s movements. Following the Federal Reserve’s policy announcements and FOMC Chairman Jerome Powell’s press conference, the US Dollar Index (DXY) staged a rally and touched its best level in more than two weeks at 93.59. Commenting on the market reaction, “with the Fed refraining from rocking the boat, the focus shifts to elected officials,” said FXStreet analyst Yohay Elam. “After a long deadlock, there is new hope for a new fiscal relief package. With the Fed out of the way – and unhelpful to markets – the next rally depends on lawmakers. Without progress there, stocks could fall and the safe-haven dollar could rise.” However, the DXY seems to have gone into a consolidation phase ahead of mid-tier macroeconomic data releases from the US and was last seen posting modest gains at 93.22. Meanwhile, the barrel of West Texas Intermediate (WTI) made a technical correction after gaining more than 4% on Wednesday but pared its daily losses to turn flat above $40. If the WTI continues to build on this week’s rally, the commodity-related loonie could stay resilient against the USD and limit USD/CAD’s upside. 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 EUR/JPY Price Analysis: Further decline could test the 122.90 region FX Street 2 years USD/CAD lost its traction after climbing to 1.3250 area. US Dollar Index clings to modest daily gains above 93.00. WTI pares early losses, stays flat near $40 following Wednesday's upsurge. The USD/CAD pair rose to its highest level since September 9th at 1.3248 on Thursday but struggled to preserve its bullish momentum. As of writing, the pair was still up 0.22% on the day at 1.3205. DXY pushes higher in the aftermath of FOMC The USD's market valuation remains the primary driver of USD/CAD's movements. Following the Federal Reserve's policy announcements and FOMC Chairman Jerome Powell's press conference, the US… 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.