USD/CAD fails to sustain above 1.3200 mark

  • The USD gets a strong boost on the back of the post-ECB slump in the Euro.
  • A sudden drop in Crude Oil prices undermined Loonie and remained supportive.
  • The US bond yields slide further after US CPI and capped any further up-move.

The USD/CAD pair reversed early dip and climbed to fresh weekly tops, further beyond the 1.3200 handle during the early North-American session, albeit lacked follow-through.
A combination of supporting factors helped the pair to regain positive traction and turn higher for the second consecutive session on Thursday. A sudden pickup in the US Dollar demand - triggered the post-ECB slump in the shared currency - provided a minor lift to the major.

USD strength/tumbling Oil prices supportive

The strong USD bid tone seemed unaffected by a sharp intraday free fall in the US Treasury bond yields, which accelerated further following the release of Thursday's US consumer inflation figures, showing that the headline CPI unexpectedly eased to 1.7% yearly rate in August.
This coupled with a fresh leg of a downfall in Crude Oil prices, now down around 2.5% for the day and sliding further below $54.50/barrel, undermined demand for the commodity-linked currency - Loonie and further collaborated to the pair's goodish intraday up-move of around 40-45 pips.
The uptick, however, seemed to lack any strong follow-through, warranting caution before placing any aggressive bullish and positioning for any further near-term recovery move from six-week lows set earlier this week.

Technical levels to watch


Today last price 1.3212
Today Daily Change 0.0020
Today Daily Change % 0.15
Today daily open 1.3192
Daily SMA20 1.3268
Daily SMA50 1.3197
Daily SMA100 1.3282
Daily SMA200 1.3314
Previous Daily High 1.3215
Previous Daily Low 1.3139
Previous Weekly High 1.3384
Previous Weekly Low 1.3158
Previous Monthly High 1.3346
Previous Monthly Low 1.3178
Daily Fibonacci 38.2% 1.3186
Daily Fibonacci 61.8% 1.3168
Daily Pivot Point S1 1.315
Daily Pivot Point S2 1.3107
Daily Pivot Point S3 1.3074
Daily Pivot Point R1 1.3225
Daily Pivot Point R2 1.3258
Daily Pivot Point R3 1.3301



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

Editors’ Picks

EUR/USD hovers around the 34-months lows amid growth concerns

EUR/USD is trading below 1.0850, just above the lowest since April 2017. Concerns about eurozone growth are weighing on the common currency. Markets are watching coronavirus developments. 


GBP/USD shrugs off Brexit concerns and holds its ground

GBP/USD is trading around 1.3050, little-changed. The French foreign minister warned of acrimonious Brexit talks as the UK's chief negotiator is laying down a tough stance. 


Forex Today: Coronavirus fears persist, Japanese economy squeezes, cryptos climb down

China has announced it will stimulate the economy in the face of the coronavirus outbreak, including lower corporate taxes and increased spending. While most factories have returned to work, Beijing has tightened restrictions on movements in the Hubei province.

Read more

Gold slips below $1580 level amid improving risk sentiment

Gold retreats from two-week tops amid receding demand for traditional safe-haven assets. The precious metal failed to capitalize on its recent positive move to near two-week tops and edged lower during the early European session on Monday amid fading safe-haven demand.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info