USD/CAD is pushing lower after closing higher on Monday. US Dollar Index rose to its highest level since early December. WTI broke above $54 for the first time in nearly a year. The USD/CAD pair came under renewed bearish pressure during the European trading hours and dropped to a fresh daily low of 1.2780 as surging crude oil prices provided a boost to the commodity-related loonie. However, the broad-based USD strength allowed the pair to stage a rebound. As of writing, USD/CAD was down 0.35% on a daily basis at 1.2805. WTI advances beyond $54 Supported by renewed optimism that the vaccine rollout will pave the way for a steady recovery in global energy demand and reports showing that producers are sticking to their output cut commitments, crude oil gained traction on Tuesday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level in nearly a year at $54.75, gaining 2.35% on the day. On the other hand, the sharp decline witnessed in the EUR/USD pair seems to be helping the greenback find demand and stay resilient against its rivals. The US Dollar Index is currently at its strongest level since early December at 91.10, gaining 0.13%. Later in the session, the ISM-NY Business Conditions Index and the IBD/TIPP Economic Optimism Index will be featured in the US economic docket. Additionally, New York Federal Reserve President John Williams is scheduled to deliver a speech at 1800 GMT. 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 Zilliqa Price Prediction: ZIL prepares for a 70% bull rally to $0.12 FX Street 1 year USD/CAD is pushing lower after closing higher on Monday. US Dollar Index rose to its highest level since early December. WTI broke above $54 for the first time in nearly a year. The USD/CAD pair came under renewed bearish pressure during the European trading hours and dropped to a fresh daily low of 1.2780 as surging crude oil prices provided a boost to the commodity-related loonie. However, the broad-based USD strength allowed the pair to stage a rebound. As of writing, USD/CAD was down 0.35% on a daily basis at 1.2805. WTI advances beyond $54 Supported by renewed optimism that… 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.
