- The USD / CAD pair is falling lower in the first US session.
- The US Dollar Index continues to move sideways near 90.50.
- Rising oil prices help the CAD find demand.
After climbing to a fresh daily high of 1.2171 on Monday, the pair USD / CAD It lost its traction during US business hours and was last seen shedding 0.15% on the day at 1.2135.
WTI extends rally to new multi-year highs
Earlier in the day, USD resistance allowed USD / CAD to stay in positive territory. The US Dollar Index, which gained 0.42% last week, continues to move sideways around 90.50 in the absence of major fundamentals.
However, rising crude prices provided a boost to the commodity-related CAD in the second half of the day and forced the USD / CAD to turn south. Currently, a barrel of West Texas Intermediate (WTI) is trading at its highest level since October 2018 at $ 71.70, gaining 1.3% on the day.
Meanwhile, data from Canada showed that Manufacturing Sales in April contracted 2.1% on a monthly basis. Although this reading was worse than the market’s expectation of a 1% decline, it does not appear to have a negative impact on the CAD market valuation.
On Tuesday, the US Census Bureau will release retail sales data for May. Most importantly, the FOMC will announce its policy decisions and publish the updated Economic Forecast Summary on Wednesday.
Technical levels
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