- USD/CAD came under renewed bearish pressure in American session.
- US Dollar Index edges lower toward 92.50 on Monday.
- WTI stays relatively quiet around $72.00 at the start of the week.
After spending the European session in a relatively tight range around 1.2570, the USD/CAD pair lost its traction in the last hour. As of writing, the pair was down 0.18% on the day at 1.2538.
DXY turns south in American session
Following the sharp rebound witnessed in crude oil prices in the second half of the previous week, the barrel of West Texas Intermediate (WTI) is fluctuating near $72.00 on Monday, allowing the USD's market valuation to drive USD/CAD's movements.
In the meantime, the greenback is struggling to find demand amid falling US Treasury bond yields. Currently, the benchmark 10-year US T-bond yield is down nearly 1% on the day and the US Dollar Index is losing 0.35% at 92.57.
The only data from the US showed on Monday that New Home Sales declined by 6.6% on a monthly basis in June. This reading missed the market expectation for an increase of 3.5% and put additional weight on the USD's shoulders.
On Wednesday, the Bank of Canada will release the Core Consumer Price Index (CPI) data for June. More importantly, the US Federal Reserve will announce its Interest Rate Decision and publish the Monetary Policy Statement. On Thursday, the US Bureau of Economic Analysis' first estimate of the second-quarter GDP growth will be looked upon for fresh impetus.
Technical levels to watch for
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD hovers near 1.0700 ahead of US data
EUR/USD struggles to build on Wednesday's gains and fluctuates in a tight channel near 1.0700 on Thursday. The US Dollar holds its ground following the Fed-inspired decline as market focus shifts to mid-tier US data releases.
GBP/USD holds steady above 1.2500 following Wednesday's rebound
GBP/USD stays in a consolidation phase slightly above 1.2500 on Thursday after closing in the green on Wednesday. A mixed market mood caps the GBP/USD upside ahead of Unit Labor Costs and Jobless Claims data from the US.
Gold price pulls back as market sentiment improves
The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.