- USD / CAD is falling for the third day in a row on Thursday.
- The US Dollar Index remains on the defensive ahead of US data.
- WTI is trading in positive territory above $ 81.00.
The pair USD / CAD it extended its decline during European business hours and hit its lowest level since early July at 1.2373. At time of writing, the pair was down 0.45% on the day at 1.2384.
WTI recovers $ 81 on Thursday
Widespread dollar weakness allows the pair to push lower, while rising crude oil prices also propelled the CAD on Thursday.
Pressed by the continued decline in US Treasury yields, the US Dollar Index (DXY) is shedding 0.15% on the day at 93.85. The yield on the 10-year US Treasury Bond, which fell nearly 6% in the previous two trading days, is down 0.7% to 1,527%.
On the other hand, a barrel of West Texas Intermediate (WTI) rose nearly 1% on the day to $ 81.40 as investors await weekly oil and gas inventory data released by the US Energy Information Administration. (EIA). Market optimism appears to be the main driver for crude prices.
Meanwhile, August manufacturing sales will be on the Canadian economic agenda, but this report is unlikely to have a noticeable impact on the Canadian dollar’s performance against its rivals.
Technical levels
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