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31 Dec 2019

USD/CAD slumps to fresh multi-month lows near 1.3020 on broad USD weakness

  • WTI pares early losses, turns positive on day above $61.50.
  • US Dollar Index continues to edge lower toward 96.50.
  • Coming up: CB Consumer Confidence Index data from US.

After closing the last four trading days in the negative territory, the USD/CAD pair extended its slide on the last day of 2019 and touched its lowest level since early July at 1.3022. As of writing, the pair was down 0.27% on a daily basis at 1.3029.

Greenback remains under pressure heading into 2020

The broad-based USD weakness seems to be allowing the pair to continue to push lower. Although the sharp upsurge witnessed in the 10-year US Treasury bond yield helped the US Dollar Index to stage a rebound during the early trading hours of the American session on Monday, the disappointing Dallas Fed Manufacturing Index, which slumped to -3.2 in December from -1.3 in November, caused the index to extend its slide.

Ahead of the Conference Board's Consumer Confidence Index, the index is at its lowest level in nearly five months at 98.58, losing 0.16% on the day. The last reading of the CB Consumer Confidence Index showed a fourth straight monthly decline in November.

On the other hand, following a deep correction on Monday, crude oil prices gained traction and the barrel of West Texas Intermediate turned positive on the day near $61.70 to provide an additional boost to the commodity-sensitive loonie.At the moment, the WTI is up 0.12% on the day at $61.70. Later in the day, the American Petroleum Institue will release its weekly crude oil stock report but the reaction is likely to be muted on New Year's eve.

Technical levels to watch for

 

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