USD/CAD jumps to five-day highs above 1.3600 and loses strength


  • 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).

USD/CAD

Overview
Today last price 1.3586
Today Daily Change 0.0047
Today Daily Change % 0.35
Today daily open 1.3539
 
Trends
Daily SMA20 1.3573
Daily SMA50 1.3752
Daily SMA100 1.3814
Daily SMA200 1.3497
 
Levels
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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