- Canadian greenback outperforms amongst commodity currencies, on a quiet day.
- USD/CAD down on Monday, nonetheless unable to maneuver off 1.3550.
The USD/CAD dropped additional throughout the American session and printed a recent each day low at 1.3528. As of writing, it trades at 1.3530, holding onto each day losses however nonetheless transferring within the current acquainted vary.
A weaker US greenback throughout the board pushed the USD/CAD to the draw back. The DXY is falling 0.07% on Monday, after being unable to stay in optimistic territory and it’s on its approach to the bottom each day shut since early March.
US Fairness costs are combined. The Dow Jones losses 0.14% whereas the S&P 500 positive aspects 0.40%. Crude oil costs present little change up to now. The WTI barrel continues to commerce barely under $41.00, round month-to-month highs.
“We count on danger sentiment to proceed to be an necessary driver, but additionally suppose CAD has some catching as much as do from a basic perspective corresponding to oil costs. WTI have discovered a backside and proceed to steadily rise. This may occasionally proceed to assist CAD over our forecast horizon as our forecast WTI at 56$/bbl in 12m. We expect we’re previous the underside in exercise, which can assist CAD”, defined analysts at Cibitank.
— to www.fxstreet.com