USD/CAD: Clings near to 1.2600 as USD softness, oil volatility

  • USD/CAD remains muted at the starting of the fresh trading week.
  • US Dollar Index slips below 93.00 following FOMC Chairman Powell’s speech.
  • The Canadian dollar gains momentum as oil picks up after a storm hits US oil ports.

After touching the high of 1.2842  in the previous week, USD/CAD is consolidating gains in the early Asian trading hours on Monday. The pair confides in a very close trading band with less than 10-pips movement.

At the time of writing, USD/CAD is trading at 1.2624, up 0.02% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six major currencies, trades near 92.60  with 0.47% losses.

The movement in the greenback is contributed by the Fed’s Chair Jerome Powel’s speech at the Jackson Hole Economic Symposium. He agreed to start reducing asset purchases this year but he refrained from delivering a timeline.

The gains were capped on the mixed economic data, where US Personal Income and Spending rose in July and core PCE inflation eased for the second straight month.
On the other hand, the Canadian dollar managed to gain on higher crude oil prices.

The barrels of West Texas Intermediate (WTI) trades at $68.98 with 0.36% losses, remained unfazed after Hurricane Ida made landfall on Sunday as a category 4 storm near Port Fourchon.

As for now, traders wait for the Canadian Current Account data, and US Pending Home Sales data to gauge the market sentiment.

USD/CAD additional levels


Today last price 1.2624
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 1.2622
Daily SMA20 1.2597
Daily SMA50 1.2522
Daily SMA100 1.2379
Daily SMA200 1.2544
Previous Daily High 1.2708
Previous Daily Low 1.2606
Previous Weekly High 1.2834
Previous Weekly Low 1.2579
Previous Monthly High 1.2808
Previous Monthly Low 1.2303
Daily Fibonacci 38.2% 1.2645
Daily Fibonacci 61.8% 1.2669
Daily Pivot Point S1 1.2582
Daily Pivot Point S2 1.2543
Daily Pivot Point S3 1.248
Daily Pivot Point R1 1.2685
Daily Pivot Point R2 1.2748
Daily Pivot Point R3 1.2788



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.


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.


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