USD/CAD extends slide below 1.4200 as CAD soars


  • 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.
 

USD/CAD

Overview
Today last price 1.4218
Today Daily Change -0.0246
Today Daily Change % -1.70
Today daily open 1.4464
 
Trends
Daily SMA20 1.3827
Daily SMA50 1.3457
Daily SMA100 1.3313
Daily SMA200 1.3255
 
Levels
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

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.

AUD/USD News

USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.

USD/JPY News

Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI fragility amid OPEC+ delays

The price of oil has been under some pressure in recent trade considering the delays to the OPEC meeting which had been scheduled for Monday but put back until Thursday. Markets are otherwise enjoying some recovery amid signs of a slow down in COVID-19 contagion. 

Oil News

Johnson Hospitalised, Oil Awaits Treatment

Sterling slipped after UK Prime Minister Boris Johnson was moved to the intensive care unit for coronavirus treatment, but the broad risk trade remained strong on optimism with slowing growth in the number of Corona virus cases. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures