- USD/CAD is falling for the third straight day on Tuesday.
- WTI is rising toward $38 ahead of API data.
- US Dollar Index stays under bearish pressure amid risk flows.
The USD/CAD pair closed the first day of the week modestly lower and struggled to stage a rebound on Tuesday with rising crude oil prices helping the commodity-related loonie stay strong against its peers. As of writing, the pair was down 0.2% on the day at 1.3148.
The risk-on market environment on Tuesday helps crude oil push higher. Ahead of the American Petroleum Institute's Weekly Crude Oil Stock report, the barrel of West Texas Intermediate (WTI) is up 1.7% on the day at $37.85.
Later in the day, Manufacturing Sales for July will be the only data featured in the Canadian economic docket.
DXY retreats below 93.00
On the other hand, the greenback fails to attract investors as a safe-haven on Tuesday and allows USD/CAD to stay in the negative territory. At the moment, the US Dollar Index (DXY) is down 0.26% at 92.82.
The Federal Reserve Bank of New York's Empire State Manufacturing Survey will be released in the early American session but investors are likely to remain focused on the market's risk perception. The S&P 500 futures are up 0.7% on the day and point out to another strong opening in Wall Street's main indexes.
On Wednesday, the inflation report from Canada and the Federal Reserve's Interest Rate Decision and Monetary Policy Statement will be watched closely by the market participants.
Technical levels to watch for
|Today last price||1.315|
|Today Daily Change||-0.0026|
|Today Daily Change %||-0.20|
|Today daily open||1.3176|
|Previous Daily High||1.3197|
|Previous Daily Low||1.3153|
|Previous Weekly High||1.326|
|Previous Weekly Low||1.3053|
|Previous Monthly High||1.3451|
|Previous Monthly Low||1.302|
|Daily Fibonacci 38.2%||1.317|
|Daily Fibonacci 61.8%||1.318|
|Daily Pivot Point S1||1.3154|
|Daily Pivot Point S2||1.3132|
|Daily Pivot Point S3||1.311|
|Daily Pivot Point R1||1.3197|
|Daily Pivot Point R2||1.3219|
|Daily Pivot Point R3||1.3241|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.