USD/CAD climbs to fresh 2-day tops above 1.32

  • BoC's Poloz says the trade war poses a serious threat.
  • WTI retreats below $57 after weekly EIA report.
  • US Dollar Index rebounds above 96.60.

The USD/CAD pair preserved its bullish momentum in the last couple of hours and rose above the 1.32 mark. As of writing, the pair was up 50 pips, or 0.37%, on the day at 1.3226.

The combination of a stronger greenback in the second half of the day and a weaker loonie provided the fuel to pair's upsurge. After closing the fifth straight day in the negative territory on Wednesday, the US Dollar Index rebounded today boosted by a decisive upsurge seen in the Treasury bond yields. While the yield on the 10-year reference is rising 1.6% on the day, the DXY is adding 0.13% at 96.64.

On the other hand, after the weekly EIA report showed a larger than expected buildup in crude oil inventories in the U.S., the barrel of West Texas Intermediate extended its decline and eased below the $57 mark to weigh on the commodity-sensitive loonie. Additionally, Bank of Canada Governor Poloz sounded cautious in his latest remarks to force the CAD to stay under pressure. Regarding the economic outlook, Poloz said that a temporary slowdown was expected and added that the US-led trade war posed the biggest threat to the Canadian economy.

Although later in the session the Canadian ambassador to the United Stayed was noted saying that he believed the U.S. would lift metal tariffs soon, the CAD struggled to find demand.

On Friday, investors will be paying close attention to retail sales data in Canada, which showed a contraction of 0.9% in November. 

Key technical levels


    Today Last Price: 1.3226
    Today Daily change %: 0.37%
    Today Daily Open: 1.3177
    Daily SMA20: 1.3223
    Daily SMA50: 1.3352
    Daily SMA100: 1.3256
    Daily SMA200: 1.3154
    Previous Daily High: 1.322
    Previous Daily Low: 1.315
    Previous Weekly High: 1.3341
    Previous Weekly Low: 1.3196
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3177
    Daily Fibonacci 61.8%: 1.3194
    Daily Pivot Point S1: 1.3144
    Daily Pivot Point S2: 1.3112
    Daily Pivot Point S3: 1.3074
    Daily Pivot Point R1: 1.3215
    Daily Pivot Point R2: 1.3253
    Daily Pivot Point R3: 1.3285

Today's data releases from the U.S.


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: In stasis near key descending trendline hurdle, focus on Fed

EUR/USD is consolidating near the resistance of the trendline connecting Jan. 31 and Feb. 28 highs pre-Fed and could rise well above 1.14 if the central bank sounds more dovish-than-expected. 


GBP/USD: Pressure builds around 1.3250, UK CPI, FOMC in spotlight

The GBP/USD pair trades near the intra-day low of 1.3250 ahead of London open on Wednesday. The pair recently weakened as the US Dollar (USD) registered gains across the board.


USD/JPY recovers in sync with US dollar, 111.90 back on sight

Broad-based US dollar recovery combined with overnight gains in Treasury yields strengthened the recovery in the USD/JPY pair to 111.70 levels, with the bulls now eyeing a test of the recent highs of 111.90 heading into the FOMC decision due later today at 1800 GMT.


UK inflation preview: Why GBP/USD risks are skewed to the upside

The headline Consumer Price Index stood at an increase of 1.8% in January, and a repeat of the same number is on the cards for February. Core CPI was at 1.9% and also here, a repeat is on the cards.

Read full report

Gold Technical Analysis: Pullback from 50% Fibo highlights 2-week old support line near $1300

The yellow metal recently reversed from 50% Fibonacci retracement of its January 24 to February 20 upmove, which in turn can drag the quote towards an upward sloping supportline stretched since March 07, at $1300 now.

Gold News