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The USD/CAD pair, which refreshed its weekly high at 1.2772, lost its traction in the late NA session and retraced its daily gains. As of writing, the pair was trading at 1.2735, staying virtually unchanged on the day.
Greenback sell-off caps the pair's upside
On Tuesday, crude oil prices fell sharply on reports that suggested rising oil production in the U.S. and a slowdown in growth in global oil demand. The barrel of West Texas Intermediate plummeted to a fresh 10-day low at $55.20 before settling at $55.70, where it was still down $1.05 on the day, forcing the oil exporter Canada's currency, the loonie, to weaken against its peers. Investors are now waiting for the API's weekly crude oil stock report.
However, a sharp drop seen in the US Dollar Index today allowed the pair to return to its opening level. The DXY, which had been able to stay above the 94 handle for the past three weeks, pierced through that level as the uncertainty surrounding the tax reform and a negative market sentiment caused investors to get rid of their US dollars. At the moment, the index is in a consolidation phase in the 93.70/75 region and is on track to close the third day in a row lower.
Until the CPI data from the U.S. is released tomorrow, investors will be closely watching oil prices and the DXY movements.