- The USD / CAD was under renewed downward pressure in the American session.
- The US Dollar Index is sloping lower towards 92.50 on Monday.
- WTI remains relatively quiet around $ 72.00 at the beginning of the week.
After passing the European session in a relatively tight range around 1.2570, the pair USD / CAD lost its traction in the last hour. At time of writing, the pair was down 0.18% on the day at 1.2538.
DXY turns south in the American session
Following the sharp rebound in crude oil prices in the second half of the previous week, a barrel of West Texas Intermediate (WTI) is fluctuating near $ 72.00 on Monday, allowing the USD market valuation to drive the gains. USD / CAD movements.
Meanwhile, the dollar is struggling to find demand amid falling US Treasury yields Currently, the benchmark 10-year US Treasury yield is down nearly 1% in the past year. day and the US Dollar Index is losing 0.35% to 9257.
The only US data on Monday showed new home sales declining 6.6% month-on-month in June. This reading fell short of market expectations of a 3.5% increase and put additional weight on the USD’s shoulders.
On Wednesday, the Bank of Canada will release the Consumer Price Index (CPI) data for June. Most importantly, the US Federal Reserve will announce its Interest Rate Decision and publish the Monetary Policy Statement. On Thursday, the US Bureau of Economic Analysis’s first estimate of second-quarter GDP growth will be seen as further boost.