US Dollar Index recovers Monday’s losses despite a lack of data releases. WTI struggles to continue to push higher, trades around $57. Attention remains on US President Trump’s speech on Tuesday. The USD/CAD pair climbed to its highest level in a month at 1.3258 earlier in the day but struggled to preserve its bullish momentum and turned flat on the day near1.3230. After losing nearly 1% on Monday, the barrel of West Texas Intermediate (WTI) rose to $57.50 area on Tuesday but struggled to preserve its momentum. As of writing, the barrel of WTI was trading flat on the day at $56.90, making it difficult for the commodity-related CAD to gather strength against the USD and limiting the pair’s losses. USD continues to float above 98 ahead of Powell’s testimony On the other hand, following last week’s rally, the US Dollar Index staged a technical correction on Monday due to thin trading conditions on Veterans Day and closed the day in the negative territory before reversing its direction on Tuesday. Ahead of Federal Open Market Committee Chairman Powell’s two-day testimony that will start tomorrow, the index is up 0.1% on the day at 98.32. Meanwhile, markets will be paying close attention to US President Donald Trump’s speech at the Economic Club of New York luncheon. If Trump provides a boost to the market sentiment by delivering positive comments on the trade dispute with China, we could see crude oil prices gain traction and create renewed bearish pressure on the pair. 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 A new YouGov poll is showing that the Conservatives have extended their lead FX Street 3 years US Dollar Index recovers Monday's losses despite a lack of data releases. WTI struggles to continue to push higher, trades around $57. Attention remains on US President Trump's speech on Tuesday. The USD/CAD pair climbed to its highest level in a month at 1.3258 earlier in the day but struggled to preserve its bullish momentum and turned flat on the day near1.3230. After losing nearly 1% on Monday, the barrel of West Texas Intermediate (WTI) rose to $57.50 area on Tuesday but struggled to preserve its momentum. As of writing, the barrel of WTI was trading flat on the day… 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.
