The USD/CAD continued its fall on higher oil prices, as Western Texas Intermediate (WTI) rose more than 6% weekly. Canada is one of the world’s major crude oil and natural gas exporters. Therefore, higher energy prices it usually underpins the Canadian Dollar.
Additionally, a softer US Dollar gave another leg-down to the USD/CAD pair, as it’s falling to a three-week low. However, the US Dollar Index (DXY), a barometer for the greenback’s value vs. a basket of six currencies, has paired some of its losses, gains 0.23%, at 102.665.
Traders should be aware that the Canadian Dollar, as a risk-perceived currency, would be subject to weakening on geopolitical tensions rise or sentiment shifts. As long as investors’ mood remains upbeat, the USD/CAD has room for another leg down, and it might test the 100-day Exponential Moving Average (EMA) at 1.3520.
Data-wise, the US economic docket featured Pending Home Sales for February, which rose by 0.8% MoM, above estimates for a plunge of 0.3%. Annually based, it decreased by 21.1%, less than the 29.4% plunge foreseen.
On the Canadian front, the docket featured the Bank of Canada (BoC) Deputy Governor Toni Gravelle. Gravelle did not speak about monetary policy; thought commented the BoC is ready to step in, if the banking system comes under pressure. He added that the BoC’s Quantitative Tightening (QT) program would run its course by the first half of 2025.
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