USD/CAD climbs to fresh daily highs as oil plummets after inventory data

Ani Salama FXStreet

USD/CAD rallied to fresh daily highs as the loonie tracked oil lower following EIA crude inventory data.

US crude oil inventories have unexpectedly increased by 1.671 million barrels during the last week versus a forecasted drop of 2.257 million barrels, according to the Energy Information Administration.

WTI fell about 3% through the $42 level on the data and bottomed out at $41.88/bbl. Accordingly, USD/CAD rose from a low of 1.3156 to a fresh daily peak of 1.3223. At time of writing, the pair was trading at 1.3219, up % on the day as investors await the FOMC decision at 18:00 GMT.

USD/CAD levels to watch

In terms of technical levels, next resistances are seen at 1.3223 (Jul 27 high), 1.3307 (200-day SMA) and then 1.3404 (Mar 16 high). On the flip side, supports could be found at 1.3156 (Jul 27 low), 1.3119 (Jul 25 low) and 1.3069 (10-day SMA).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.