- The USD / CAD is pushing lower at the beginning of the week.
- WTI is trading at its highest level in more than two months near $ 43.
- The US dollar index extends the decline to 92.00.
The pair USD / CAD is slipping on Monday as rising crude prices help the commodity-related CAD outperform its US counterpart, which is struggling to find demand as a safe haven. At time of writing, the pair was down 0.37% on the 1.3049.
Vaccine Headlines Hit Risk Sentiment Monday
Earlier on Monday, following inspiring results from Pfizer and Moderna, Oxford / AstraZeneca announced that its coronavirus vaccine candidate was “up to 90%” effective in the latest trials. Risk flows began to dominate financial markets earlier in the week and S&P 500 futures rose 0.6%, suggesting that the bullish market sentiment will remain intact during the US session.
After losing 0.4% last week, the US dollar index fell to its lowest level since early September near 92.00.
On the other hand, crude oil prices gained momentum in hopes of a steady recovery in global energy demand and gave the Canadian dollar a boost. At the moment, a barrel of West Texas Intermediate is trading at its highest level in 12 weeks at $ 43, rising 1.4% on the day.
Technical levels
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