- USD / CAD extends the decline to the third day in a row.
- The US dollar index falls to multi-year lows below 90.
- WTI rises to new daily highs above $ 48 ahead of the EIA report.
After closing the first two days of the week in negative territory, the USD / CAD It continues to push lower on Wednesday and was last seen trading at its lowest level since May 2018 at 1.2770, shedding 0.36% on the day.
Risk flows hurt USD, raise WTI
Relentless selling pressure surrounding the dollar and a stronger Canadian dollar due to rising crude prices keep the bearish momentum intact.
Backed by optimism of a steady recovery in energy demand amid the launch of the coronavirus vaccine, the West Texas Intermediate (WTI) barrel is gaining 0.8% on the day at $ 48.45 ahead of weekly turnaround data. of crude oil stocks from the EIA.
On the other hand, the US dollar index (DXY) extends its decline and investors show no interest in safe havens. On Tuesday, the major Wall Street indices hit new all-time highs and the bullish rally looks set to continue with the S&P 500 Futures climbing 0.35%.
Later in the session, Chicago’s Pending Home Sales, Goods Trade Balance and Purchasing Managers Index will be released in the US and the DXY is currently down 0.3% to 89.72.
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.
