- USD / CAD remains in positive territory after Tuesday’s slide.
- WTI is losing more than 1% on Wednesday, trading below $ 68.
- The US Dollar Index remains above 93.00 ahead of the CPI data.
The pair USD / CAD It closed in negative territory on Tuesday as the sharp rally in crude prices helped the commodity CAD outperform its US counterpart. However, the pair had no difficulty limiting its losses on Wednesday and was last seen rising 0.15% on the day to 1.2540.
WTI turns south after Tuesday’s recovery
On Tuesday, the risk-positive market environment helped the West Texas Intermediate (WTI) barrel gain more than 2%. However, WTI struggled to preserve its bullish momentum amid a lack of fundamental drivers and reversed its direction on Wednesday. At time of writing, WTI was down 1.4% on the day at $ 67.50.
On the other hand, the US Dollar Index (DXY) continues to rise after posting gains during the previous three trading days. Currently, the DXY is up 0.12% to 93.18.
Later in the session, the US Bureau of Labor Statistics will release the inflation report for July. Investors expect the Consumer Price Index (CPI) to fall to 5.3% annually in July from 5.4%.
Additionally, Federal Reserve Bank of Atlanta President Raphael Bostic, who said on Monday that the Fed could begin reducing asset purchases between October and December, will deliver a speech. No high-level macroeconomic data will be published on the Canadian economic agenda.
Technical levels
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