- USD / CAD is losing more than 1% on Monday.
- WTI is posting impressive gains at the beginning of the week.
- The US Dollar Index falls towards 93.00 after the latest US data.
The downward pressure surrounding the pair USD / CAD strengthened during US business hours on Monday. At time of writing, the pair was down 1.1% on the day at 1.2681.
CAD capitalizes on oil rally
The sharp rally seen in crude oil prices and the general weakness of the USD are causing the USD / CAD to turn lower at the beginning of the week.
Following last week’s steep decline, a barrel of West Texas Intermediate (WTI) is currently up 6% on the day at $ 65.50. In the absence of important fundamentals, risk appetite appears to be helping oil find demand.
On the other hand, the decisive recovery of the main Wall Street indices is making it difficult for the dollar as a safe haven to remain resilient against its rivals. At the moment, the US Dollar Index is losing 0.4% to 93.08.
Data from the US showed on Monday that economic activity in both the manufacturing and services sectors continued to expand in August, albeit at a softer pace than in July. However, these data had little or no impact on risk sentiment. Finally, the National Association of Realtors reported that Existing Home Sales increased 2% in July.
Technical levels
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