- USD / CAD is slowly rising during the American session.
- WTI turned south after testing $ 67, losing almost 1% below $ 66.
- The US Dollar Index remains in negative territory below 90.00.
After falling to its lowest level in six years at 1.2011 earlier in the day, the pair USD / CAD managed to make a rally and was last seen trading flat on the day at 1.2062.
WTI drops below $ 66 after initial rally
Crude oil prices were based on Monday’s gains and a barrel of West Texas Intermediate (WTI) hit its strongest level since early March at $ 67.00 on Tuesday, helping commodity-sensitive CAD outperform. your rivals. With the WTI reversing its direction and shedding almost 1% below $ 66, the loonie lost interest and allowed the USD / CAD to erase its losses.
On the other hand, the dollar remains lagging behind with the US dollar index losing 0.4% to 89.83 at press time. However, the modest rebound in benchmark 10-year US Treasury yields appears to be helping the dollar limit its losses. Furthermore, the major Wall Street indices trade mixed after the opening bell, making it difficult for risk flows to continue to dominate financial markets.
The only data from the US revealed Tuesday that new homes were down 9.5% in April and building permits were up 0.3%. These figures did not provoke a significant market reaction. No other data will be released for the rest of the day and the pair is likely to continue reacting to changes in crude oil prices.
Technical levels
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