USD/CAD jumps back closer to session tops amid fall in oil prices

Haresh Menghani FXStreet

• The USD failed to gain any respite from the recent selling after in-line CPI figures.
• A sudden fall in oil prices undermined Loonie and triggered a short-covering move.

The USD/CAD pair reversed an early dip, back closer to one-month lows, and jumped to the top end of its daily trading range.

The pair once again managed to find decent support ahead of 100-day SMA and has now rallied over 50-pips from the mid-European session lows, around the 1.3185-80 region.

The up-move seemed rather unaffected from persistent selling around the US Dollar, which failed to gain any respite from today's release of mostly in line US consumer inflation figures.

Meanwhile, a sudden fall in crude oil prices, which tend to undermine demand for the commodity-linked currency - Loonie seemed to be the only factor prompting some aggressive short-covering move.

It, however, remains to be seen if the pair is able to build on the intraday goodish rebound or the up-move is seen as a selling opportunity amid growing speculation over a Fed rate hike pause in 2019.

Technical levels to watch

USD/CAD

Overview:
    Today Last Price: 1.3236
    Today Daily change: -1.0 pips
    Today Daily change %: -0.00755%
    Today Daily Open: 1.3237
Trends:
    Previous Daily SMA20: 1.3509
    Previous Daily SMA50: 1.3353
    Previous Daily SMA100: 1.3185
    Previous Daily SMA200: 1.3084
Levels:
    Previous Daily High: 1.326
    Previous Daily Low: 1.3202
    Previous Weekly High: 1.3666
    Previous Weekly Low: 1.338
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3238
    Previous Daily Fibonacci 61.8%: 1.3224
    Previous Daily Pivot Point S1: 1.3205
    Previous Daily Pivot Point S2: 1.3174
    Previous Daily Pivot Point S3: 1.3146
    Previous Daily Pivot Point R1: 1.3264
    Previous Daily Pivot Point R2: 1.3292
    Previous Daily Pivot Point R3: 1.3323

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.