USD/CAD breaks lower and reaches 1.3000 psychological support


The greenback has broken below the bottom of the last eight days’ trading range, at 1.3035/50 on Tuesday, to reach 1.3000 psychological level, with the Canadian dollar buoyed by the positive market mood and higher oil process.

US dollar dives on risk appetite, higher oil prices

The USD opened the day on a positive note and advanced towards the 1.3100 area, where the pair was rejected again. The nearly 5% rally on oil prices has boosted demand for the Canadian dollar, which has sent the USD to its lowest levels in two weeks.

Hopes about a COVID-19 vaccine to be rolled out early next year have eased concerns about the economic impact of the coronavirus lockdowns and have sent the price of the WTI barrel to levels beyond $45 for the first time since early March.

Beyond that, the investors have welcomed news about Trump’s endorsement to Joe Biden’s transition and the Democrat’s announcement of former Fed chair, Janet Yellen as the next Treasury secretary.

The higher US Treasury bond yields have eased negative pressure on the USD although the risk-sensitive Canadian dollar has prevailed, with the main equity indexes posting solid advances.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3002
Today Daily Change -0.0079
Today Daily Change % -0.60
Today daily open 1.3081
 
Trends
Daily SMA20 1.3133
Daily SMA50 1.3194
Daily SMA100 1.3252
Daily SMA200 1.3533
 
Levels
Previous Daily High 1.3112
Previous Daily Low 1.3046
Previous Weekly High 1.3142
Previous Weekly Low 1.3034
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3071
Daily Fibonacci 61.8% 1.3087
Daily Pivot Point S1 1.3047
Daily Pivot Point S2 1.3013
Daily Pivot Point S3 1.298
Daily Pivot Point R1 1.3114
Daily Pivot Point R2 1.3147
Daily Pivot Point R3 1.3181

 

 

 

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