Barrel of West Texas Intermediate rises more than 2% on Monday. Commodity-related Loonie capitalizes on upbeat sentiment and oil rally. US Dollar Index stays calm near 98.20 handle. The USD/CAD pair fell to its lowest level since late July at 1.3146 on Monday as the rising crude oil prices continued to help the commodity-related Loonie outperform its rivals. As of writing, the pair was down 0.14% on a daily basis at 1.3158. Upbeat sentiment supports crude oil rally Rising hopes of Chinese economy picking up momentum amid expectations of additional stimulus going into the economy and easing fears over a dismal energy demand outlook provided a boost to crude oil prices at the start of the new week. Chinese President Xi Jinping today said that they will continue to support the development of private firms and Chinese news outlet Global Times reported that China’s Central Bank was expected to make another rate cut to its reserve requirement ratio (RRR) before the end of the year. As of writing, the barrel of West Texas ıntermediate was up 2.3% on the day at $57.90. On the other hand, the US Dollar Index, which closed the previous week in the negative territory, staged a technical correction on Monda and is now up 0.25% on the day at 98.25, helping the pair limit its losses for the time being. There won’t be any significant macroeconomic data releases in the remainder of the day and crude oil prices are likely to continue to drive the pair’s price action. In fact, Canadian economic docket won’t feature any high-tier data this week and the inflation data from the US on Thursday will be the only high-impact data of the week. 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 Reuters poll: Chances of disorderly UK exit from EU at 35% FX Street 4 years Barrel of West Texas Intermediate rises more than 2% on Monday. Commodity-related Loonie capitalizes on upbeat sentiment and oil rally. US Dollar Index stays calm near 98.20 handle. The USD/CAD pair fell to its lowest level since late July at 1.3146 on Monday as the rising crude oil prices continued to help the commodity-related Loonie outperform its rivals. As of writing, the pair was down 0.14% on a daily basis at 1.3158. Upbeat sentiment supports crude oil rally Rising hopes of Chinese economy picking up momentum amid expectations of additional stimulus going into the economy and easing fears over… 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.
