- USD / CAD lost its traction after climbing above 1.2900.
- The US dollar index rose towards 93.00 at the beginning of the US session.
- WTI posts modest daily earnings, trading above $ 61.00.
The USD / CAD It rose to a fresh session high of 1.2621 in the early hours of US trading, but reversed its direction and erased a large chunk of its daily gains. At time of writing, the pair was up 0.14% on the day at 1.2590.
DXY loses momentum before 93.00
In the absence of major macroeconomic data releases from the US, the performance of US Treasury bond yields continues to affect the valuation of the USD.
The 10-year US Treasury yield, which lost nearly 2% during the European session, rebounded and turned positive on the day and the US Dollar Index (DXY) hit its lowest level. high since mid-November at 92.96. At the moment, the DXY appears to be consolidating its daily gains around 92.80.
On the other hand, crude oil prices gained ground after Reuters reported that Russia was supporting a renewal of OPEC + oil production from April to May. Following an earlier slide amid reports that Suez Canal operations would resume on Monday, a barrel of West Texas Intermediate advanced past $ 61 and helped the commodity-sensitive Canadian dollar remain resilient against to their rivals.
No macroeconomic data will be published on the Canadian economic calendar on Tuesday. The Conference Board will release US consumer confidence data for March, but investors are likely to stay focused on US Treasury yields.
Technical levels
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