USD/CAD is dragging towards 1.2500 on a weak US dollar index

USD/CAD retreats to 1.2520 session low, as the US greenback index eases.
Magnitude 6.5 earthquake hits Canada, no tsunami alert.
Markets eye BoC Interest Rate Decision on Wednesday.
USD/CAD is buying and selling around the 1.2520 mark, as the US greenback index (DXY) drags decrease towards 92.10 at the time of writing.

The US benchmark index S&P five hundred futures are up 0.12 at 4,540, whilst the US 10-year yields are additionally buying and selling greater at 1.339%.

Rising yields are no longer assisting the US greenback index amidst risk-on sentiment, whilst Loonie finds a bid tone as WTI charge pushes in the direction of the $69.00 mark.

Meanwhile, an earthquake of magnitude 6.5 has struck Canada on Tuesday. There has been no tsunami alert issued or any different losses/damage has been reported.

On the macro side, the US jobs statistics used to be a large omit on Friday. The US economic system brought simply over 235,000 jobs in August versus the predicted 750,000.

The US greenback index, which measures the power of the dollar in opposition to six majors, slipped to a close to four-week low to 91.94 level.

Market individuals cheered as fears of an early Fed tapering eased, over issues on job data, inflation, and worsening Delta variant scenario in the US.

Going forward, traders will be taking cues from the Bank of Canada Interest Rate Decision, set to be launched on Wednesday.

Technical levels
USD/CAD is buying and selling shut to the 1.2520 mark, with preliminary assist at 1.2494, the September two low.

Immediate resistance is at 1.2560, observed by using 1.2650, August 31 high.

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