- USD / CAD is pushing lower after closing higher on Monday.
- The US dollar DXY index rises to its highest level since the beginning of December.
- WTI exceeds $ 54 for the first time in nearly a year.
The pair USD / CAD has come under renewed downward pressure during the European session and has fallen to a new daily low of 1.2780 due to rising crude oil prices have managed to give the loon a boost, currency linked to the prices of raw materials. However, the overall strength of the USD has allowed the pair to rebound. At the time of writing, USD / CAD is down 0.45% on the day, trading at 1.2803.
WTI rises above the $ 54 level
Supported by renewed optimism that the launch of the vaccines will pave the way for a steady recovery in demand energy world, along with news showing that producers are meeting their commitments to cut production, crude oil is gaining traction on Tuesday. At the time of writing, a barrel of West Texas Intermediate WTI is trading at its highest level in nearly a year at $ 54.75, gaining 2.35% on the day.
On the other hand, the sharp decline observed in the EUR / USD pair seems to be helping the USD to find demand and remain resilient against its rivals. The DXY US Dollar Index is currently at its strongest level since early December at 91.10, gaining 0.13% on the day.
Later in the day, the New York ISM Trade Conditions Index and the IBD / TIPP Economic Optimism Index both stand out on the US economic calendar.In addition, New York Federal Reserve Chairman John Williams has scheduled to deliver a speech at 18:00 GMT.
USD / CAD technical levels
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