- USD / CAD is falling towards 1.3000 during the American session.
- WTI is trading at its highest since March near $ 45.
- The US dollar index retreats below 92.50 as US stocks rise.
The pair USD / CAD It rose to a daily high of 1.3090 in the first US session, but took a 180 degree turn as rising crude oil prices provided a boost to the Canadian dollar related to commodities. At time of writing, the pair was down 0.45% on the day to 1.3020 and was within contact distance of the two-week low it set at 1.3010 earlier in the day.
Rising US Treasury yields helped the US dollar index rebound on Tuesday. However, the impressive rally in the major Wall Street indices made it difficult for the dollar to remain strong. At the moment, both the S&P 500 and the Dow Jones Industrial Average are up about 1.5% and the US Dollar Index is losing 0.2% to 92.31.
The oil rally remains intact
On the other hand, fueled by heightened optimism about a steady recovery in global energy demand amid positive developments around coronavirus vaccines, crude oil prices continue to rise. After closing the previous four days in positive territory, a barrel of West Texas Intermediate rose to its highest level since March at $ 45.17 and was last seen trading at $ 44.95, where it was up nearly 5% on the day.
On Wednesday, investors will be on the lookout for the release of high-impact US macroeconomic data ahead of the Thanksgiving holiday, durable goods orders, Q3 gross domestic product, goods trade balance, Initial Jobless Claims, New Home Sales, and the UM Consumer Sentiment Index will be included on the US economic agenda later in the day, the FOMC will release minutes of its November meeting .
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
