USD/CAD easing back after taking run at 1.3500

Collapsing crude oil prices leading the CAD straight down the charts.
Traders will be tensing ahead of Wednesday's FOMC rate call and statement.

Joshua Gibson FXStreet

Although the US Dollar continues to see broad-market weakness, the CAD is getting dragged by the nose down the charts by free-falling crude oil prices, and USD/CAD clipping into the 1.3500 major handle late on Tuesday. The pair is now trading back into 1.3450, but lack of buying interest in crude oil markets is seeing the Loonie slip even further against the greenback.

Wednesday sees the FOMC delivering their latest rate call and monetary policy statement, and the major event will see markets coiling ahead of what is expected to be one last rate hike for 2018, while markets will be looking out for changes to the FOMC's rhetoric, with investors afraid that the US Fed will be knocked off their current three-hike dot-plot on slumping global growth figures.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.3456
    Today Daily change: -23 pips
    Today Daily change %: -0.171%
    Today Daily Open: 1.3479
Trends:
    Previous Daily SMA20: 1.3318
    Previous Daily SMA50: 1.3198
    Previous Daily SMA100: 1.3106
    Previous Daily SMA200: 1.3033
Levels:
    Previous Daily High: 1.3498
    Previous Daily Low: 1.3391
    Previous Weekly High: 1.3424
    Previous Weekly Low: 1.3292
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3457
    Previous Daily Fibonacci 61.8%: 1.3432
    Previous Daily Pivot Point S1: 1.3414
    Previous Daily Pivot Point S2: 1.3349
    Previous Daily Pivot Point S3: 1.3307
    Previous Daily Pivot Point R1: 1.3521
    Previous Daily Pivot Point R2: 1.3562
    Previous Daily Pivot Point R3: 1.3627

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.