USD/CAD extended its daily slide in early American session. US Dollar Index erases early gains, drops below 93.50. WTI climbs above $42 and provides additional boost to CAD. The USD/CAD pair spent the first half of the day fluctuating in a tight range below 1.3400 and came under renewed bearish pressure in the early American session. After slumping to a daily low of 1.3332, the pair staged a modest rebound and was last seen losing 0.28% on the day at 1.3345. DXY loses traction The upbeat market mood, as reflected by early gains witnessed in Wall Street’s main indexes, seems to be weighing on the greenback. At the moment, the US Dollar Index is flat on the day at 93.39. Meanwhile, the only data from the US revealed on Monday that JOLTS Job Openings increased by 518,000 to 5.9 million in June. With this reading coming in better than the market expectation of 4.9 million, the bearish pressure on the USD remains intact. On the other hand, crude oil prices also seem to be capitalizing on risk-on flows in the second half of the day. At the moment, the barrel of West Texas Intermediate is trading near $42, gaining 1% on the day to help the commodity-related loonie stay strong against its rivals. The next high-impact data for the pair will be the inflation report from the US on Wednesday. Analysts expect the core Consumer Price Index to stay unchanged at 1.2% on a yearly basis in July. A lower-than-expected reading could confirm the disinflationary impact of the COVID-19 outbreak on the US economy and cause the USD to lose strength. 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 Coronavirus update US: Florida cases rise by 4,155 to 536,961 FX Street 2 years USD/CAD extended its daily slide in early American session. US Dollar Index erases early gains, drops below 93.50. WTI climbs above $42 and provides additional boost to CAD. The USD/CAD pair spent the first half of the day fluctuating in a tight range below 1.3400 and came under renewed bearish pressure in the early American session. After slumping to a daily low of 1.3332, the pair staged a modest rebound and was last seen losing 0.28% on the day at 1.3345. DXY loses traction The upbeat market mood, as reflected by early gains witnessed in Wall Street's main indexes, seems to… 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.
