- The USD / CAD fell to a new multi-year low on Monday.
- WTI moves higher towards the $ 60 zone after a multi-day losing streak.
- The US dollar index is struggling to gain ground ahead of mid-level data.
The USD / CAD pair fell to its lowest level since April 2018 at 1.2579, but registered a rebound during European trading hours. At the time of writing, the pair was up 0.12% on the day at 1.2625.
Rising crude oil prices helped the commodity-sensitive loonie strengthen early in the week. West Texas Intermediate (WTI) per barrel closed in negative territory Thursday and Friday and lost more than 4% during that time.
Nonetheless, heightened optimism for a strong recovery in energy demand continues to drive crude oil prices and WTI was last seen trading a little below $ 60, rising 1.5 % and allowing the CAD to remain resilient against its rivals.
DXY stays on the back foot
In contrast, the greenback is struggling to attract investors despite the poor performance of US stock index futures. For now, the S&P 500 Futures is down 0.7% on the day and the US Dollar Index (DXY) is down 0.15% to 90.23. A sharp drop in the main Wall Street indices on Monday could support the USD in the second half of the day and push the USD / CAD higher.
The Federal Reserve Bank of Chicago will release its national activity index for January later in the session. The Federal Reserve Bank of Dallas Manufacturing Companies Index will also be presented in the US Economic Register.,