- USD/CAD tanks on soaring crude oil prices.
- WTI surges over 8%, trades above $40.
- US Dollar Index remains below 93.50.
USD/CAD was pressurised sending it to levels not seen since early January at 1.2965. Currently, USD/CAD trades -0.6% at 1.2975.
Oil rallies on covid vaccine optimism
Drug maker Pfizer announced that its l COVID-19 vaccine candidate in the Phase 3 trials showed that it prevents 90% of infections with no serious safety concerns. Crude oil prices shot higher, helping commodity-related CAD gain strength against its rivals. Currently, West Texas Intermediate (WTI) trades up 8.3% on the day at $40.50.
Pfizer says covid vaccine 90% effective, equities jump, dollar declines
Meanwhile, US Dollar Index is seeing small daily gains at 92.30.The risk-on market environment appears to be lifting US stocks futures, suggesting Wall Street’s main indexes could rally hard on the open. If risk flows dominate in the US session, the greenback could struggle to keep its head above water. S&P 500 futures are up 3.8% on the day.