USD/CAD continues to trade in red near mid-1.3100s on oil rebound


  • USD/CAD is falling for the third straight day on Tuesday.
  • WTI is rising toward $38 ahead of API data.
  • US Dollar Index stays under bearish pressure amid risk flows.

The USD/CAD pair closed the first day of the week modestly lower and struggled to stage a rebound on Tuesday with rising crude oil prices helping the commodity-related loonie stay strong against its peers. As of writing, the pair was down 0.2% on the day at 1.3148.

The risk-on market environment on Tuesday helps crude oil push higher. Ahead of the American Petroleum Institute's Weekly Crude Oil Stock report, the barrel of West Texas Intermediate (WTI) is up 1.7% on the day at $37.85.

Later in the day, Manufacturing Sales for July will be the only data featured in the Canadian economic docket.

DXY retreats below 93.00

On the other hand, the greenback fails to attract investors as a safe-haven on Tuesday and allows USD/CAD to stay in the negative territory. At the moment, the US Dollar Index (DXY) is down 0.26% at 92.82. 

The Federal Reserve Bank of New York's Empire State Manufacturing Survey will be released in the early American session but investors are likely to remain focused on the market's risk perception. The S&P 500 futures are up 0.7% on the day and point out to another strong opening in Wall Street's main indexes. 

On Wednesday, the inflation report from Canada and the Federal Reserve's Interest Rate Decision and Monetary Policy Statement will be watched closely by the market participants.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.315
Today Daily Change -0.0026
Today Daily Change % -0.20
Today daily open 1.3176
 
Trends
Daily SMA20 1.3144
Daily SMA50 1.3309
Daily SMA100 1.3531
Daily SMA200 1.352
 
Levels
Previous Daily High 1.3197
Previous Daily Low 1.3153
Previous Weekly High 1.326
Previous Weekly Low 1.3053
Previous Monthly High 1.3451
Previous Monthly Low 1.302
Daily Fibonacci 38.2% 1.317
Daily Fibonacci 61.8% 1.318
Daily Pivot Point S1 1.3154
Daily Pivot Point S2 1.3132
Daily Pivot Point S3 1.311
Daily Pivot Point R1 1.3197
Daily Pivot Point R2 1.3219
Daily Pivot Point R3 1.3241

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds gains above 1.1850 amid tepid market mood

EUR/USD is trading above 1.1850, holding onto recent gains The uptrend, however, at risk as coronavirus cases rise across the Eurozone. New lockdown restrictions may force the ECB to adopt a stronger dovish stance. Focus shifts to Powell's speech, EZ Preliminary PMIs. 

EUR/USD News

GBP/USD hovers around 1.2950 amid likely virus curbs

GBP/USD stays well bid near  mid-1.2900s following three successive failures to cross 1.3000 during last week. UK’s health authorities mull lockdown restrictions. Chancellor Sunak may extend business support loans. Fedspeak eyed amid a light calendar. 

GBP/USD News

USD/JPY drops to over six-month lows, fast approaching 104.00 mark

USD/JPY witnessed some follow-through selling for the sixth consecutive session on Monday. The USD was being pressured by fading hopes of another round of the fiscal stimulus measures. Resurgent COVID-19 cases benefitted the safe-haven JPY and contributed to the offered tone.

USD/JPY News

Gold jumps back on the bids above $1950 amid risk-aversion

Gold is back on the bids above $1950 amid growing coronavirus fears induced risk aversion. Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. 

Gold News

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures