- The USD / CAD pair is falling for the third consecutive trading day on Monday.
- The US dollar index extends the correction, remains below 94.00.
- WTI remains close to the multi-month highs set last week.
After closing the last two trading days of the previous week in positive territory, the pair USD / CAD It continues to push lower on Monday and was last seen shedding 0.3% at 1.2608.
DXY falls below 94.00
The current USD weakness appears to be allowing the USD / CAD bearish momentum to remain intact at the start of the new week. The US Dollar Index (DXY), which hit its highest level in more than a year at 94.50 last Thursday, is falling for the third consecutive trading day. At time of writing, the DXY was down 0.3% to 93.78. However, the absence of fundamental drivers behind the USD sell-off on Monday suggests that the current action is a technical correction.
On the other hand, a barrel of West Texas Intermediate (WTI) is posting modest daily gains just below $ 76, helping the commodity-related Canadian dollar to preserve its strength against its main rivals.
Later in the session, the August building permits will be put on the Canadian economic agenda. August US factory order data will also be considered for further momentum.
Meanwhile, US stock index futures are down 0.4-0.55% ahead of the opening bell, suggesting that the risk-averse market environment could help the dollar find demand and limit the decline in the price. USD / CAD in the US session.
Technical levels
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