- USD / CAD lost traction after rebounding to 1.3030.
- The US dollar index fell below 92.00 after the release of mixed macroeconomic data.
- WTI is trading at new multi-month highs near $ 46.
The pair USD / CAD it rose to 1.3030 early in the US session, but lost its traction due to renewed USD weakness and rising crude prices. At time of writing, the pair was down 0.05% on the day at 1.2987.
Mixed macroeconomic data released by the US did not help the dollar gain traction against its rivals. The US Bureau of Economic Analysis left its third-quarter annual GDP growth estimate unchanged at 33.1% and reported that personal spending in October increased 0.5% on a monthly basis.
Other data revealed that the US trade deficit widened to $ 80.29 billion from $ 79.4 billion and that initial weekly jobless claims rose to 778,000 from 748,000 last week. At the moment, the US Dollar Index is down 0.27% on the day at 91.98.
The oil rally regains momentum
On the other hand, the weekly report published by the US Energy Information Administration (EIA) showed that crude oil stocks decreased by 0.75 million barrels in the week ending November 20 and gave a boost to the oil prices. A barrel of West Texas Intermediate (WTI), which closed the previous five days in positive territory, is currently trading at its highest level since March at $ 45.95, gaining 2.6% on the day.
Later in the session, the FOMC will publish the minutes of its November meeting. However, market reaction is likely to remain quiet with trading conditions declining ahead of the Thanksgiving holiday in the US.
Technical levels
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