- USD / CAD falls to fresh multi-week lows on Monday.
- WTI is trading above $ 60 for the first time in 13 months.
- The US Dollar DXY Index remains in negative territory near 90.30.
The pair USD / CAD it closed the previous week in negative territory and struggled to shake off the bearish pressure at the start of the new week. At the time of writing, the pair trading at its lowest level since January 22 at 1.2660, losing 0.27% on the day.
Oil’s upward movement remains intact
In the absence of important fundamental drivers, Crude oil prices continue to affect the performance of the Canadian dollar, currency linked to the prices of raw materials, compared to its main rivals.
Powered by increased optimism for a steady recovery in global energy demand and declining inventories of US oil, a barrel of West Texas Intermediate WTI gained nearly 5% last week and extended its bullish move on Monday. For the moment, WTI is trading at its highest level in over 13 months at $ 60.55, an increase of 1.6% on the day.
On the other hand, the optimism of the market, reflected in the decisive gains seen in major European stock indices, is making it difficult for the USD to find demand. The US Dollar DXY Index is currently losing 0.13% on the day at 90.30.
Trading action is expected to remain subdued in the second half of the day, as US markets will be closed due to the Presidents’ Day holiday.
USD / CAD technical levels
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