- USD/CAD has already lost more than 100 points this Wednesday.
- The fall in crude oil prices does not appear to affect the CAD for the time being.
The pair USD/CAD came under strong bearish pressure on Wednesday and fell to a fresh daily low of 1.3525 during European trading hours. As of this writing, the pair lost 0.85% on the day, trading at 1.3555.
Widespread US dollar weakness on Wednesday forced USD/CAD lower. Following Tuesday’s recovery, the dollar index fell more than 0.5% on the day, near 104.00. The improving risk climate, as reflected by the 0.5% rise in S&P Futures, appears to be hurting the safe-haven dollar as investors await key macroeconomic data releases.
Meanwhile, crude oil prices fell sharply for the second day in a row on Wednesday. After losing almost 4% on Tuesday, West Texas Intermediate is down almost 3% a barrel on the day, trading slightly below $75. For now, however, the market valuation of the US dollar continues to drive the pair’s action as the commodity-related Canadian dollar does not appear to be paying attention to oil prices.
Technical levels to consider
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
