USD/CAD turned south on Tuesday after posting strong gains on Monday. WTI rose above $53 for the first time since February. US Dollar Index consolidates gains around 90.40 ahead of mid-tier data. The USD/CAD pair gained nearly 100 pips on Monday but struggled to preserve its bullish momentum on Tuesday. As of writing, the pair was down 0.27% on a daily basis at 1.2749. CAD capitalizes on oil rebound Following a sharp decline at the start of the week, crude oil gained traction on Tuesday and touched its highest level since late February above $53, providing a boost to the commodity-sensitive loonie. Ahead of the American Petroleum Institue’s (API) Weekly Crude Oil Stock data, the WTI is up 1.6% on the day at $53. On the other hand, the US Dollar Index (DXY), which closed the previous four trading days in the positive territory, seems to have gone into a consolidation phase ahead of mid-tier data releases from the US. At the moment, the DXY is little changed on the day at 90.44. The US economic docket will feature the NFIB Business Optimism Index, the IBD/TIPP Economic Optimism Index and JOLTS Job Openings data later in the day. In the meantime, the 10-year US Treasury bond yield extended its rally to a fresh 10-month high of 1.162% on Wednesday and is currently gaining around 1%. If US T-bond yields continue to push higher, the greenback could start outperforming its rivals and allow USD/CAD to stage a recovery. 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 USD/TRY: A corrective rebound leaves so far the downside bias intact – Rabobank FX Street 2 years USD/CAD turned south on Tuesday after posting strong gains on Monday. WTI rose above $53 for the first time since February. US Dollar Index consolidates gains around 90.40 ahead of mid-tier data. The USD/CAD pair gained nearly 100 pips on Monday but struggled to preserve its bullish momentum on Tuesday. As of writing, the pair was down 0.27% on a daily basis at 1.2749. CAD capitalizes on oil rebound Following a sharp decline at the start of the week, crude oil gained traction on Tuesday and touched its highest level since late February above $53, providing a boost to the… 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.
