USD/CAD rebounds to 1.3330 as WTI drops to $58

• Latest headlines on the U.S. – China trade conflict weighs on crude oil prices.
• WTI eases from 2019 highs.
• US Dollar Index recovers toward the 97 mark.

The USD/CAD pair gained traction in the last hour as the commodity-related loonie came under selling pressure amid falling crude oil prices. As of writing, the pair was trading 1.3330, adding 0.2% on a daily basis.

Citing three people familiar with the matter, Bloomberg on Thursday reported that the U.S. was planning to postpone the meeting between Chinese President Xi and Trump to end of April, hurting the market sentiment and weighing on crude oil prices. At the moment, the barrel of West Texas Intermediate, which touched its highest level since November at $58.65, is now trading at $58, losing 0.5% on a daily basis.

Moreover, the bearish pressure surrounding European major currencies boosted the demand for greenback on Thursday to support the pair’s daily advance. Additionally, the 10-year T-bond yield is gaining nearly 1% on the day to help the US Dollar Index push higher in the session. Ahead of the weekly jobless claims and the import/export price index data from the U.S., the DXY is up 0.35% on the day at 96.80.

Technical levels