USD/CAD climbs to near 1.3350 amid firm US Dollar ahead of FOMC minutes


  • USD/CAD advances to near 1.3350 as investors’ risk-appetite fades.
  • The FOMC minutes will provide outlook on inflation and interest rates.
  • Canadian jobless rate is seen higher at 5.9% vs. 5.8% in November.

The USD/CAD pair jumps to near the crucial resistance of 1.3350 in the late London session. The Loonie asset recovers swiftly, following footprints of the US Dollar Index (DXY) amid caution among market participants ahead of the Federal Open Market Committee (FOMC) minutes and the United States ISM Manufacturing PMI for December.

S&P500 futures have generated nominal losses in the European session, portraying further decline in the risk-appetite of the market participants. The USD Index advances to near 102.50 as chances of a likely rate cut decision by the Federal Reserve (Fed) from March have eased slightly. The 10-year US Treasury yields have extended their upside to near 4%.

The FOMC minutes will demonstrate how much policymakers are interested in reducing interest rates. Meanwhile, the US factory data will be keenly watched. As per the preliminary estimates, the Manufacturing PMI is seen higher at 47.1 from the prior reading of 46.7 but will remain below the 50.0 threshold consecutively for 14th month.

In addition to that, US JOLTS Job Openings for November will be in focus. Investors have projected that US employers posted 8.85M jobs, which are higher than 8.733M postings recorded in October.

On the Canadian Dollar front, investors await the employment data for December, which will be published on Friday. As per the estimates, the Unemployment Rate rose to 5.9% against the former reading of 5.85. Number of job-seekers employed by Canadian employers were 13.5K, lower than 24.9K additions in November.

USD/CAD

Overview
Today last price 1.3345
Today Daily Change 0.0014
Today Daily Change % 0.11
Today daily open 1.3331
 
Trends
Daily SMA20 1.3379
Daily SMA50 1.358
Daily SMA100 1.3585
Daily SMA200 1.3485
 
Levels
Previous Daily High 1.3334
Previous Daily Low 1.3229
Previous Weekly High 1.3267
Previous Weekly Low 1.3178
Previous Monthly High 1.362
Previous Monthly Low 1.3178
Daily Fibonacci 38.2% 1.3294
Daily Fibonacci 61.8% 1.3269
Daily Pivot Point S1 1.3262
Daily Pivot Point S2 1.3193
Daily Pivot Point S3 1.3157
Daily Pivot Point R1 1.3367
Daily Pivot Point R2 1.3403
Daily Pivot Point R3 1.3472

 

 

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