- Canadian dollar spikes lower across the board despite economic data and higher crude oil prices.
- USD/CAD retreats modestly to 1.3570 as US Dollar pulls back.
The USD/CAD jumped to 1.3603, reaching the highest level since last Thursday and then pulled back to the 1.3570/1.3585 range. The move higher took placed despite better-than-expected Canadian economic data.
The loonie is the worst performer among the commodity block. The Ivey PMIs in Canada showed a strong rebound in June to 58.2, above the 25.1 expected but CAD ignored the numbers. Not event crude oil prices are helping the loonie. The WTI barrel gains 0.50% and is trading near $41.00.
Wall Street indexes are posting mixed results and gold is at fresh multi-year highs near $1800/oz. Despite all, USD/CAD is holding onto daily gains as it trades at 1.3585, up 50 pips for the day, but off highs.
Levels to watch
On the upside, a consolidation above 1.3590 in USD/CAD would clear the way for another test of 1.3600 and beyond. The next resistance is seen at 1.3625 (last week high). On the flip side, 1.3550/55 is the lower limit of the current range and also the 20-SMA in 4-hour chart, so a break lower would expose 1.3515 (weekly low).
|Today last price||1.3586|
|Today Daily Change||0.0047|
|Today Daily Change %||0.35|
|Today daily open||1.3539|
|Previous Daily High||1.3567|
|Previous Daily Low||1.352|
|Previous Weekly High||1.3705|
|Previous Weekly Low||1.3545|
|Previous Monthly High||1.3802|
|Previous Monthly Low||1.3316|
|Daily Fibonacci 38.2%||1.3538|
|Daily Fibonacci 61.8%||1.3549|
|Daily Pivot Point S1||1.3517|
|Daily Pivot Point S2||1.3495|
|Daily Pivot Point S3||1.347|
|Daily Pivot Point R1||1.3564|
|Daily Pivot Point R2||1.3589|
|Daily Pivot Point R3||1.3611|
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