- NY Empire State Manufacturing Index in June comes in worse than expected.
- US Dollar Index drops below 97.50 on disappointing data.
- Crude oil prices decline on Monday despite heightened geopolitical tensions.
The USD/CAD pair is having a difficult time setting its next short-term direction on Monday as the commodity-sensitive loonie fails to capitalize on a weaker greenback amid falling crude oil prices. As of writing, the pair was virtually unchanged on a daily basis at 1.3410.
The Federal Reserve Bank of New York's Empire State Manufacturing Index slumped to -8.6 in June from 17.8 and missed the analysts' estimate of 10 by a wide margin to weigh on the greenback. After spending the majority of the day moving sideways near 97.50, the US Dollar Index turned negative on the day and was last seen down 0.07% on a daily basis at 97.38.
On the other hand, after posting heavy losses last week, crude oil prices started the new week under pressure with the barrel of West Texas Intermediate (WTI) erasing around 1% near the $52 mark and is not allowing the CAD to outperform the USD. Earlier today, Fitch Ratings said that they were expecting the OPEC+ output deal to get extended at least until the end of the year but failed to help crude oil prices rebound.
This week's most significant event will be the FOMC meeting on Wednesday. Manufacturing sales on Tuesday and retail sales on Friday will be featured in the Canadian economic docket.
Technical levels to watch for
|Today last price||1.3409|
|Today Daily Change||-0.0005|
|Today Daily Change %||-0.04|
|Today daily open||1.3414|
|Previous Daily High||1.3424|
|Previous Daily Low||1.3324|
|Previous Weekly High||1.3424|
|Previous Weekly Low||1.3242|
|Previous Monthly High||1.3566|
|Previous Monthly Low||1.3357|
|Daily Fibonacci 38.2%||1.3386|
|Daily Fibonacci 61.8%||1.3362|
|Daily Pivot Point S1||1.335|
|Daily Pivot Point S2||1.3286|
|Daily Pivot Point S3||1.3249|
|Daily Pivot Point R1||1.3451|
|Daily Pivot Point R2||1.3488|
|Daily Pivot Point R3||1.3552|
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.