USD/CAD climbs to daily highs above 1.4150 as WTI extends slide below $20


  • Crude oil selloff continues, WTI looks to end March 57% lower.
  • US Dollar Index recovers above 99 on Monday.
  • Dallas Fed Manufacturing Index plunged to -70 in March.

The USD/CAD pair extended its daily rally during the American trading hours and touched a daily high of 1.4185 as falling crude oil prices continue to weigh on the commodity-sensitive CAD. As of writing, the pair was up 1.35% on a daily basis at 1.4165.

WTI looks to end March below $20

Concerns over an unprecedented drop in the global energy demand due to worldwide lockdowns to stop the spread of the coronavirus force crude oil prices to remain under pressure. As of writing, the barrel of West Texas Intermediate was erasing 11% on the day and trading at its lowest level in nine years at $19.45. For the month of March, the WTI is down 57%.

Meanwhile, an official for Saudi Arabia's Energy Ministry announced that the kingdom was planning to increase crude oil exports starting from May by about 600,000 barrels per day (bpd) to 10.6 million bpd to accelerate the WTI's fall.

On the other hand, the broad-based USD strength as reflected by the decisive rebound in the US Dollar Index (DXY) provides an additional boost to the pair.

Although the data from the US showed that the Dallas Fed Manufacturing Index plunged to an all-time low of -70 in March from 1.2 in February, the DXY rose above the 99 handle and was last seen adding 0.9% on a daily basis at 99.15.

On Tuesday, the Canadian economic docket will feature the monthly GDP data for January, which is likely to be ignored. The Conference Board's Consumer Confidence Index from the US will be looked upon for fresh catalysts as well.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.4166
Today Daily Change 0.0183
Today Daily Change % 1.31
Today daily open 1.3983
 
Trends
Daily SMA20 1.3931
Daily SMA50 1.3518
Daily SMA100 1.3339
Daily SMA200 1.3267
 
Levels
Previous Daily High 1.4155
Previous Daily Low 1.3922
Previous Weekly High 1.456
Previous Weekly Low 1.3922
Previous Monthly High 1.3465
Previous Monthly Low 1.3202
Daily Fibonacci 38.2% 1.4011
Daily Fibonacci 61.8% 1.4066
Daily Pivot Point S1 1.3885
Daily Pivot Point S2 1.3787
Daily Pivot Point S3 1.3652
Daily Pivot Point R1 1.4118
Daily Pivot Point R2 1.4253
Daily Pivot Point R3 1.4351

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD extends sideways grind around 1.1650 after mixed US data

EUR/USD is struggling to find direction on Thursday and continues to fluctuate in a relatively tight range around mid-1.1600s. Mixed data releases from the US don't seem to be having a noticeable impact on the greenback's performance against its major rivals.

EUR/USD News

GBP/USD struggles to pull away from 1.3800

GBP/USD retraced a portion of Wednesday's during the European trading hours pressured by the renewed USD strength and the souring market mood. With the latest US data failing to trigger a reaction, the pair stays in a consolidation phase near 1.3800.

GBP/USD News

XAU/USD struggles for direction, flat-lined above $1,780 level

The risk-off impulse in the markets extended some support to the safe-haven gold. Elevated US bond yields, a modest USD strength capped the upside for the metal. Bulls need to wait for a move beyond the $1,800 mark before placing fresh bets.

Gold News

Buying Solana now to gain 700% profits by 2022

Solana price has been on a massive run-up in 2021 from $1 to $216 in roughly eight months. This stellar climb is likely to continue into 2022 as significant bullish signs emerge. Moreover, the start of a new bull run will serve as a tailwind for SOL.

Read more

Netflix: Three reasons to sell NFLX after earnings

NFLX has been strong into earnings as investors digested the massive success of Squid Game and hoped this would feed through into very strong subscriber numbers. Netflix was out straight after the bell with earnings.

Read more

Forex MAJORS

Cryptocurrencies

Signatures