USD / CAD falls to fresh daily lows below 1.2550 despite falling crude prices

  • USD / CAD was under modest downward pressure in the European session.
  • WTI is losing more than 1% on Monday, trading above $ 60.
  • The US dollar index records small daily losses ahead of the PMI data.

The pair USD / CAD it closed the prior week practically unchanged and continued to fluctuate in a tight range during the Asian session on Monday. However, with the dollar facing renewed selling pressure in European trading hours, the pair turned down and was last seen losing 0.2% on the day at 1.2548.

DXY retreats below 93.00 before US data.

In the absence of significant fundamental drivers, the risky environment in the market appears to be making it difficult for the USD to find demand. The US Dollar Index (DXY) is currently down 0.06% on the day at 92.97.

On Friday, data from the US showed that nonfarm payrolls in March increased by 916,000. This reading beat the market expectation of 647,000 by a wide margin and helped lift the market’s mood. Reflecting the dominance of risk flows, S&P 500 futures rose 0.6% to 4,033.

On the other hand, a barrel of West Texas Intermediate is falling 1.5% to trade at $ 60.30 and limiting the USD / CAD decline for the time being.

Later in the session, IHS Markit and ISM will release the services PMI figures for March. The US economic agenda will include February factory orders and ISM-NY trade terms as well. However, market reaction to this data is likely to remain subdued amid poor trading conditions on Easter Monday.

Technical levels

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