- USD/CAD continues to push greater within the second half of the day.
- US Greenback Index holds regular barely above 90.50 on Tuesday.
- Rising crude oil costs don’t appear to be serving to CAD discover demand.
The USD/CAD moved sideways in a really tight vary throughout the Asian buying and selling hours however managed to collect bullish momentum within the European session and superior to its highest degree in a month at 1.2204. At the moment, the pair is up 0.5% on the day at 1.2200.
USD stays resilient towards its rivals forward of FOMC
The renewed USD power helps USD/CAD push greater on Tuesday. The US Greenback Index (DXY), which stayed comparatively quiet on Monday, regained its traction and rose to the very best degree since mid-Could at 90.67. Though the DXY appears to have gone right into a consolidation part, it stays on observe to register modest every day positive factors above 90.50.
Earlier within the day, the information revealed by the US Census Bureau revealed that Retail Gross sales declined by 1.3% on a month-to-month foundation in Could, in comparison with the market consensus for a lower of 0.8%. Different knowledge from the US confirmed the Producer Worth Index (PPI) rose to six.6% on a yearly foundation and Industrial Manufacturing expanded by 0.8% in Could.
Nonetheless, these knowledge don’t appear to be having a big influence on the USD’s valuation as buyers stay on the sidelines whereas ready for the FOMC to announce its coverage selections on Wednesday.
In the meantime, the barrel of West Texas Intermediate (WTI) is buying and selling at its highest degree since October 2018 at $72 however the commodity-related loonie is having a troublesome time capitalizing on rising crude oil costs.
Technical ranges to observe for