USD/CAD comes close to annual high near 1.3870 as oil retreats

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• USD/CAD sets to recapture annual high around 1.3870 despite the USD Index coming under pressure.
• Monthly US core PCE accelerated at an expected pace of 0.3% in September against 0.1%.
• Oil prices retreat from $85.00 despite escalating Middle East tensions.

The USD/CAD pair comes closer to an annual high around 1.3870 as global oil prices retreat after facing stiff barricades above the crucial resistance of $85.00. The Lonnie asset gains almost 0.15%, at the time of writing, despite a sell-off in the US Dollar. The Loonie asset strengthened despite a sharp fall in the US Dollar Index (DXY) indicating that the Canadian Dollar is significantly weak.