USD/CAD is edging lower following last week’s slump. US Dollar Index plummets below 94.00 ahead of US Durable Goods Orders data. WTI continues to fluctuate in narrow range above $41. The USD/CAD pair closed the previous week 1.23% lower pressured by the broad-based USD weakness. At the start of the new week, the pair struggled to make a meaningful recovery and continued to push lower. As of writing, USD/CAD was down 0.28% on a daily basis at 1.3373. Focus shifts to FOMC Last week, the US Dollar Index (DXY) lost 1.75% and posted its lowest weekly close since September of 2018. Although the market mood remained sour throughout the week, the greenback failed to capitalize on risk-off flows hurt by the sharp drop witnessed in the US Treasury bond yields. Additionally, macroeconomic data releases from the US point out to a sluggish recovery, causing investors to price a long-term dovish outlook from the Fed. On Wednesday, the FOMC will conclude July’s monetary policy meeting and release its policy statement alongside the rate decision. At the moment, the DXY is down 0.57% on the day at 93.80. On the other hand, crude oil continues to trade in a relatively tight range, allowing the USD’s performance to stay as the primary driver of USD/CAD’s movements. The barrel of West Texas Intermediate was last seen trading at $41.30, where it was virtually unchanged on a daily basis. Later in the session, Durable Goods Orders and Dallas Fed Manufacturing Index data will highlight the US economic docket. 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/JPY to nosedive toward the 104.45 area FX Street 3 years USD/CAD is edging lower following last week's slump. US Dollar Index plummets below 94.00 ahead of US Durable Goods Orders data. WTI continues to fluctuate in narrow range above $41. The USD/CAD pair closed the previous week 1.23% lower pressured by the broad-based USD weakness. At the start of the new week, the pair struggled to make a meaningful recovery and continued to push lower. As of writing, USD/CAD was down 0.28% on a daily basis at 1.3373. Focus shifts to FOMC Last week, the US Dollar Index (DXY) lost 1.75% and posted its lowest weekly close since September of… 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.