USD/CAD lost more than 50 pips in early American session. WTI is up 1.75% on the day at near $41.50. Falling US Treasury bond yields weigh on the greenback. After climbing above 1.3400 earlier in the day, the USD/CAD pair came under renewed bearish pressure during the American session and dropped to a daily low of 1.3353. As of writing, the pair was down 0.26% on a daily basis at 1.3357. CAD capitalizes on oil rebound A decisive recovery witnessed in crude oil prices seems to be helping the commodity-related loonie gather strength against its rivals. At the moment, the barrel of West Texas Intermediate (WTI) is up 1.75% on a daily basis at $41.47. On the other hand, the greenback, once again, lost its strength amid plunging US Treasury bond yields. With the 10-year and the 5-year US T-bond yields losing 5.5% and 7%, respectively, the US Dollar Index is posting modest daily losses at 93.45, not allowing the pair to erase its losses. The upbeat macroeconomic data releases, which showed a bigger-than-expected increase in Factory Orders and the ISM-NY Business Conditions Index, failed to help the USD. Meanwhile, the data published by the IHS Markit showed that the economic activity in Canada’s manufacturing sector recovered sharply in July and provided an additional boost to the CAD. The Manufacturing PMI rose from 47.8 to 52.9 and beat the market expectation of 44.1. 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/MXN Price Analysis: Looking at 23.20 while above 22.50 FX Street 2 years USD/CAD lost more than 50 pips in early American session. WTI is up 1.75% on the day at near $41.50. Falling US Treasury bond yields weigh on the greenback. After climbing above 1.3400 earlier in the day, the USD/CAD pair came under renewed bearish pressure during the American session and dropped to a daily low of 1.3353. As of writing, the pair was down 0.26% on a daily basis at 1.3357. CAD capitalizes on oil rebound A decisive recovery witnessed in crude oil prices seems to be helping the commodity-related loonie gather strength against its rivals. At the moment, 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.
