- Risk sentiment boosts Loonie; crude oil up more than 3% and Dow Jones 5.5%.
- USD/CAD drops almost 300 pips on Wednesday, on the best day for CAD in years.
The USD/CAD broke below 1.4300 during the American session and more recently fell under 1.4200. As of writing, trades at the lowest level since Friday at 1.4190, down 270 pips from Wednesday’s close.
The loonie is the biggest gainer among G10 currencies on Wednesday supported by the improvement in risk sentiment and also the recovery in crude oil prices. In Wall Street, the Dow Jones as up by more than 5.5% and the Nasdaq 2.40%.
Another key factor behind CAD’s rally is the 3% gain in the WTI barrel. It rebounded near $23.00, rising toward $25.00. Crude oil prices are offering signs of stabilization around current levels.
Data to be released on Thursday includes US initial jobless claims that are expected to show big increase. In the Canada, the media reported that almost one one million Canadians applied for jobless claims last week, about 5% of the labor force.
|Today last price||1.4218|
|Today Daily Change||-0.0246|
|Today Daily Change %||-1.70|
|Today daily open||1.4464|
|Previous Daily High||1.4533|
|Previous Daily Low||1.4375|
|Previous Weekly High||1.4668|
|Previous Weekly Low||1.3788|
|Previous Monthly High||1.3465|
|Previous Monthly Low||1.3202|
|Daily Fibonacci 38.2%||1.4435|
|Daily Fibonacci 61.8%||1.4472|
|Daily Pivot Point S1||1.4382|
|Daily Pivot Point S2||1.43|
|Daily Pivot Point S3||1.4224|
|Daily Pivot Point R1||1.4539|
|Daily Pivot Point R2||1.4615|
|Daily Pivot Point R3||1.4697|
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