- The USD / CAD has recovered its losses after falling towards the 1.2700 level.
- WTI makes a technical correction after climbing above $ 58.
- The DXY US Dollar Index continues to push lower on Tuesday.
The pair USD / CAD has fallen to its lowest level in almost two weeks at 1.2710 on Tuesday, but has changed its address before the opening of the American session. At the time of writing, the pair is virtually unchanged on the day at 1.2735.
The rise in oil loses steam
The Widespread selling pressure around the US dollar it has caused the USD / CAD to drop during the first half of the day. The DXY US Dollar Index, which closed below 91.00 on Monday, has fallen towards the 90.50 region during the European session, trading around 90.62 and losing 0.35% on the day at time of writing. The poor performance of US Treasury yields appears to be weighing on the USD on Tuesday.
Data from the US has shown that NFIB’s Business Optimism Index in January dropped to 95 points and it did not meet the market expectation of 98.7. However, the market reaction to this report has been subdued. Later in the day, the spotlight will turn to US JOLTS job vacancy data for fresh momentum.
Meanwhile, After rising to its highest level in more than a year at $ 58.60, a barrel of West Texas Intermediate WTI appears to have entered a consolidation phase. Ahead of the API’s weekly crude oil stock report, WTI falls 0.55% on the day at $ 57.75, making it difficult for the CAD, a currency tied to commodity prices, to remain resilient against the currency. U.S.
USD / CAD technical levels
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