- USD / CAD is down in the second half of the day.
- The US dollar index stabilizes around 90.00, it seems to post big daily losses.
- WTI recovers $ 61, seeks to break two-day losing streak.
The USD / CAD It rose to the 1.2650 zone early in the US session, but lost its traction with rising crude oil prices providing a boost to the commodity-sensitive Canadian dollar. At time of writing, the pair was down 0.12% on the day at 1.2595.
DXY extends slide to new multi-week lows
Earlier in the day, the USD / CAD pair rose modestly as rising US Treasury yields helped the dollar remain resilient against its rivals. However, with the 10-year benchmark moving away from the yearly high it set at 1,394% earlier in the day, the USD began to weaken against its peers. The US Dollar Index is currently at its lowest level since Jan 12, shedding 0.4% on the day at 90.00.
On the other hand, the barrel of West Texas Intermediate made a deep correction in the second half of the previous week and lost more than 2% on both Thursday and Friday. On Monday, WTI managed to erase most of those losses and was last seen gaining 4% at $ 61.30.
No major macroeconomic data will be released on the Canadian economic record on Tuesday. The US Conference Board Consumer Confidence Index will be seen as a new boost.
More importantly, FOMC Chairman Jerome Powell will testify before the Senate Banking Committee and Bank of Canada Governor Tiff Macklem will deliver a speech at 17:30 GMT.
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.
