- USD/CAD is pushing higher ahead of the American session.
- WTI stays quiet above $67 after two-day rally.
- US Dollar Index reclaims 93.00 ahead of Durable Goods Orders data.
After spending the first half of the day moving sideways in a relatively tight range near 1.2600, the USD/CAD pair gained traction in the last hour. As of writing, the pair was up 0.33% on the day at 1.2631.
DXY reclaims 93.00
The renewed USD strength seems to be helping USD/CAD edge higher ahead of the American session. Supported by a 1% increase in the 10-year US Treasury bond yield, the US Dollar Index (DXY) is gaining 0.2% at 93.06.
Later in the session, July Durable Goods Orders data from the US will be looked upon for fresh impetus. Investors expect a contraction of 0.3% on a monthly basis and a stronger-than-expected reading could help the USD continue to outperform its rivals.
On the other hand, crude oil's strong recovery momentum seems to have softened on Wednesday. The barrel of West Texas Intermediate (WTI), which rose nearly 9% in the first two days of the week, is currently trading flat on the day at $67.70, making it difficult for the commodity-related loonie to stay resilient against its American counterpart. At 1430 GMT, the US Energy Information Administration (EIA) will release its weekly Crude Oil Stocks Change data.
There won't be any high-tier data releases featured in the Canadian economic docket in the remainder of the day.
