USD/CAD consolidates near 1.2500 as USD remains strong

USD/CAD edges lower in the initial Asian trading hours on Tuesday.
US Dollar Index remains steady above 92.20.
The Canadian dollar holds the ground on rate hike expectations.

Rekha Chauhan Independent Analyst

The USD/CAD pair remains muted in the Asian trading hours on Tuesday. The pair confides in a narrow range with no meaningful traction.

At the time of writing, USD/CAD is trading at 1.2532, down 0.03% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six major currencies, trades near 92.20 with 0.20% gains.

The greenback erased all losses sustained following Friday’s dismal US Nonfarm payrolls (NFP) data and extended gains against its rivals.

On the other hand, the Canadian dollar managed to gathers momentum as oil prices rebound from lower levels although stay pressurized.

In addition to that Canadian Labor Productivity rose 0.6% in Q2, rebounding from the previous 1.7% decline in the previous quarter.

Meanwhile, a text story on a 6.5 magnitude earthquake near Kitimat, Canada, are withdrawn after the US Geological Survey falsely generated the alert by an automatic system.

As for now, traders waiting for the Bank of Canada’s (BOC) interest rate decision later in the week.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2532
Today Daily Change	0.0006
Today Daily Change %	0.05
Today daily open	1.2526

Trends
Daily SMA20	1.2611
Daily SMA50	1.2548
Daily SMA100	1.2382
Daily SMA200	1.2533

Levels
Previous Daily High	1.2559
Previous Daily Low	1.2494
Previous Weekly High	1.2654
Previous Weekly Low	1.2494
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.2519
Daily Fibonacci 61.8%	1.2534
Daily Pivot Point S1	1.2494
Daily Pivot Point S2	1.2461
Daily Pivot Point S3	1.2428
Daily Pivot Point R1	1.2559
Daily Pivot Point R2	1.2592
Daily Pivot Point R3	1.2624

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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