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USD/CAD under pressure after Doha Meeting

USD/CAD spot has filled yesterday’s gap towards the 1.3000 handle in the aftermath of the Doha meeting on Sunday, and remains well on its way to potentially challenge 2016 lows in the 1.2740 region if current market conditions extend into the European/NA session.

Renewed offered tone around the greenback plus a recovery in crude oil prices – barrel of West Texas Intermediate now above the $41.00 mark – is helping to sustain the solid risk-on sentiment following the Asian session on Tuesday.

Brent futures were last down 0.6 percent at $42.65 a barrel, but well above Monday’s low of $40.10. Oil prices had edged higher earlier on Tuesday, supported by a Kuwaiti oil industry strike that has led to a cut in the country’s oil production.

Data wise today, Building Permits and Housing Starts will take centre stage in US, while the speech by Governor S.Poloz is expected in Canada.

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