USD/CAD gains traction on oil selloff, climbs above 1.3350
|- WTI retreats to $64 area on Thursday.
- US Dollar Index stays calm near 97 handle.
- Coming up: PPI and initial weekly jobless claims from the U.S., New Housing Price Index from Canada.
The USD/CAD pair turned north on Thursday and continued to erase the heavy losses it suffered on Monday as the commodity-related loonie came under pressure amid falling crude oil prices. As of writing, the pair was up 0.28% on a daily basis at 1.3358.
A larger In its monthly report, the IEA said that it kept the forecast of global oil demand growth for 2019 unchanged at 1.4 million barrels per day. Additionally, "Non-OPEC supply growth decelerated sharply to 2.4 million bpd in Q1, from breakneck pace seen in H2 2018," the IEA noted. Despite these headlines, however, the barrel of West Texas Intermediate staged a technical correction and slipped below the $64 mark.
On the other hand, after closing the previous day in the negative territory with the FOMC keeping its cautious tone unchanged in its meeting minutes, the US Dollar Index is posting small gains near the 97 handle, helping the pair push higher.
Later in the day, Producer Price Index (PPI) and weekly initial jobless claims from the U.S., which dropped to its lowest level since 1969 last week, will be looked upon for fresh impetus alongside the New Housing Price Index from Canada.
Technical levels to consider
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