WTI recovery loses steam on Thursday
Rising crude oil prices and the modest USD weakness caused USD/CAD to edge lower. The barrel of West Texas Intermediate (WTI), which dropped to its lowest level in more than two weeks at $65.12, staged a decisive rebound and gained nearly 4% in the last two days before going into a consolidation phase. As of writing, WTI was little changed on the day at $69.15.
On the other hand, the US Dollar Index (DXY) lost its traction after the data published by the US Bureau of Labor Statistics showed that the Core Consumer Price Index (CPI) edged lower to 4.3% yearly in July.
Ahead of the US Department of Labor’s weekly Initial Jobless Claims data and the July Producer Price Index (PPI) report, the DXY is moving sideways around 92.90, failing to provide a directional clue to USD/CAD.
There won’t be any high-tier macroeconomic data releases featured in the Canadian economic docket in the remainder of the day.
USD/CAD Long (Buy)
Enter at: 1.25140