- USD / CAD falls sharply during US trading hours.
- The US Dollar Index continues to push lower towards 93.50.
- Oil turns positive after falling during the European session.
The pair USD / CAD It rose to a daily high of 1.2766 in the early trading hours of the US session, but reversed course amid extensive selling pressure surrounding the dollar. At time of writing, the pair was shedding 0.22% on the day at 1.2710.
DXY extends the decline in the second half of the day
The US Dollar Index (DXY), which closed in negative territory on Monday, remains depressed Tuesday as the yield on US Treasuries continues to affect the performance of the US dollar in the absence of fundamental factors. At the moment, the benchmark 10-year Treasury yield is down 2.5% on the day and the DXY is down 0.45% to 90.54.
Data from the US showed that the NFIB Business Optimism Index in January fell to 95 in January from 95.9. On a positive note, JOLT job openings in December increased to 6.6 million and exceeded the market expectation of 6.5 million. However, market participants showed little or no reaction to these figures.
Meanwhile, after a technical correction to $ 57.25 during the European session, the West Texas Intermediate (WTI) barrel regained its traction and turned positive on the day above $ 58, providing an additional boost to the loonie.
On Wednesday, data from the US Consumer Price Index (CPI) will be revised to give new momentum.
Technical levels
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