USD / CAD falls modestly below 1.2700, focus shifts to Powell’s speech

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  • USD / CAD is down for the third day in a row.
  • WTI price is trading in a tight range, testing levels below $ 53 on Thursday.

The US dollar index hovers near 90.30 as investors await the Fed chairman’s speech.

He USD / CAD closed in negative territory for the second day in a row on Wednesday and continues in that direction on Thursday. The price fell to 1.2664, the lowest level in almost a week. It is trading in the lows zone, continuing the journey to last week’s lows.

DXY remains in consolidation above 90.00

In the Asian session, given speculation about the economic plan that Joe Biden will present today, the yields of the Treasury bonds rose, giving a modest support to the dollar. The US Dollar Index (DXY) remains unchanged at around 90.35.

At 13:30 GMT, US data will be released that includes the weekly report of unemployment benefit requests and later in the afternoon, the focus will shift to the speech by Jerome Powell, the chairman of the Federal Reserve.

Meanwhile, a barrel of West Texas Intermediate (WTI) is trading slightly lower below $ 53 on Thursday. If Biden’s plan includes additional direct payments to Americans, oil prices could rise on a more optimistic outlook for energy demand and help the loonie.

Technical levels

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