- USD / CAD continues to rise during the American session.
- The US dollar index extends the rebound, rises above 92.40.
- WTI falls for the third consecutive trading day.
After passing hours of Asian trading in a tight range above 1.2500, the pair USD / CAD it gained traction and reached a session high of 1.2599. At time of writing, the pair was up 0.45% on the day at 1.2595.
WTI drops to $ 69
The renewed strength of the USD and the poor performance of crude oil on Tuesday are driving the USD / CAD higher. After last Friday’s sharp decline, the US Dollar Index (DXY) closed in positive territory on Monday and remains firm on Tuesday. In the absence of significant fundamental drivers, the cautious market mood is helping the USD find demand and the DXY is currently up 0.23% to 92.42.
On the other hand, a barrel of West Texas Intermediate, which closed the last two trading days lower, is down more than 1% to $ 61.17, making it difficult for the CAD related to commodities to remain resistant against to their rivals.
Meanwhile, the benchmark 10-year US Treasury yield is increasing by almost 3%, providing an additional boost to the USD.
There will be no data release included in the Canadian economic agenda for the remainder of the day. On Wednesday, the Bank of Canada will announce its interest rate decision and release the rate statement after the September policy meeting.
Technical levels
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