- USD/CAD extends losses for a second consecutive session Thursday.
- US Dollar Index lost momentum at 94.00.
- WTI is treading water near $40.
Rising oil prices boosted the commodity sensitive loonie dragging USD/CAD some 70 points lower. The US Dollar is failing to put in a solid recovery on Thursday. As a result, USD/CAD is extending the selloff reaching 1.3277, a 10 day low., USD/CAD trades -0.23% lower at 1.3287.
DXY sub 94.00
The US Dollar has settled lower for the past 3 sessions and trades -0.03% at 93.78. The improving mood in the market as seen by a 0.85% rally in S&P 500 futures, is dragging on the USD.
Looking ahead US Bureau of Economic Analysis’ Personal Consumption Expenditures (PCE) Price Index data, the Federal Reserve’s preferred gauge of inflation will be in focus. Personal Income, Personal Spending, Markit Manufacturing PMI and ISM Manufacturing PMI will also attract some attention
West Texas Intermediate is trading flat after the oil price jumped 2% on Wednesday, This means that the USD is the driving force in the USD/CAD pair. On the Canadian economic calendar there is just the Markit Manufacturing PMI.