- USD / CAD is slowly rising early in the US session.
- Canada posted a current account surplus in the first quarter.
- WTI is trading above $ 67, increasing 1% ahead of the OPEC meeting.
After passing the European session in a tight range near 1.2070, the pair USD / CAD it gained traction and hit a daily high of 1.2090. At time of writing, the pair was up 0.1% on the day at 1.2085. However, the lack of fundamental drivers suggests that recent USD / CAD action is technical in nature.
DXY remains stable around 90.00
Hours earlier, Canada announced that it had posted a current account surplus of C $ 1.18 billion in the first quarter. Other data from Canada showed that the commodity price index and the industrial products price index increased 1% and 1.6%, respectively, on a monthly basis in April.
US markets will remain closed due to the Memorial Day holiday on Monday and the USD / CAD could struggle to gain momentum during US trading hours. Currently, the US Dollar Index is unchanged on the day at 90.04.
Meanwhile, crude oil prices are rising ahead of Tuesday’s highly anticipated OPEC meeting, helping the commodity-sensitive loon to limit its losses to rivals. At the moment, a barrel of West Texas Intermediate is up 1% on the day at $ 67.27.
On Tuesday, first quarter Gross Domestic Product (GDP) data will be featured on the Canadian economic calendar. Later in the session, the US ISM Manufacturing PMI will be considered for further momentum.
Technical levels
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