- USD/CAD extends losses for a third straight day on Monday.
- US Dollar Index slips lower at the start of the new week.
- WTI consolidates last week’s gains, trades under$45.
The USD/CAD kicked the week off around 1.3000 before trending lower in the European session. The pair is currently trading at 1.2955 an almost 3 week low.
USD remains out of favour
A soft tone surrounding the greenback was keeping pressure on the USD/CAD The US Dollar Index, shed 0.62% last week hitting its lowest level in 2.5 years, is extending those losses. trading -0.16% at 91.63..
Looking ahead the ISM Chicago’s PMI, Pending Home Sales and the Dallas Fed’s Manufacturing Business Index will be in focus.in Canada Raw Materials Price Index and Building Permits data are due to be released.
West Texas Intermediate (WTI) is down 1.65% on the day at $44.80. The move appears to be a correction after of last week’s 7% rally. Today’s move doesn’t seem to be impacting the commodity-sensitive CAD’s performance against its rivals.