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USD/CAD struggles to stage a convincing rebound, trades around 1 2400

4/27/2021 12:50:19 PM GMT | By Eren Sengezer USD/CAD trades in a very tight range on Tuesday. Pair stays within a touching distance of multi-year lows following Monday s drop. WTI posts modest daily gains, holds above $62 ahead of API data. The USD/CAD pair lost nearly 100 pips on Monday and closed below 1.2400 for the first time in more than three years. Although the pair managed to stage a technical correction on Tuesday, it seems to be having a difficult time gathering bullish momentum. As of writing, USD/CAD was posting small daily gains at 1.2403. Rising oil prices support CAD on Tuesday On Monday, the selling pressure surrounding the greenback forced USD/CAD to remain on the back foot. Ahead of the Conference Board s Consumer Confidence data, the US Dollar Index stays in the positive territory around 90.90.

WTI consolidates gains around $64 after rising to fresh monthly highs

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WTI climbs to $69 area following Monday s correction

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