- USD / CAD is experiencing a rally early in the US session.
- The US dollar index rises before the opening bell of Wall Street.
- WTI is holding on to strong daily gains above $ 48 ahead of API data.
The pair USD / CAD It fell to the 1.2730 zone during European business hours, but reversed its direction in the last hour. At time of writing, the pair was virtually unchanged on the day at 1.2774.
USD / CAD turns north with DXY rally
A negative shift in market sentiment appears to be helping the dollar pick up steam in the first US session. At the moment, S&P 500 futures are down 0.42% on the day and the US Dollar Index (DXY), which fell to a daily low of 89.59, posted small losses at 89.79.
Meanwhile, data from Canada showed that prices for Canadian-made products, as measured by the Industrial Product Price Index (IPPI), fell 0.6% monthly in November and put additional weight on the shoulders of the CAD.
On the other hand, crude oil prices continue to rise and help the commodity-related loonie to limit its losses for the time being. Prior to weekly crude oil stocks data from the American Petroleum Institute (API), a barrel of West Texas Intermediate was up 1.76% on the day at $ 48.15.
Later in the session, the ISM will release its US manufacturing PMI report for December. In addition, investors will be watching the first exit polls of the second round of the elections in Georgia, which will determine if the Democrats will be able to obtain a majority in the United States Senate.
Technical levels
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