USD/CAD jumps to highest in two months near 1.2500

USD/CAD gains almost two hundred pips from European session lows.
Loonie among worst G10 performers, hit by reversal in crude oil prices.

Matías Salord FXStreet

The USD/CAD rose further and reached at 1.2494 the highest intraday level since April 23. The combination of a stronger US dollar and the decline in crude oil prices boosted the pair.

Sharp rebound from the 20-day SMA

On European hours, USD/CAD bottomed at 1.2301, the lowest in a week and also the 20-day simple moving average. It rebounded as the US dollar started to gain momentum and then received a boost from the decline in crude oil prices.

The WTI barrel hit the strongest level since 2014 earlier on Tuesday near $77.00 and then rose sharply. It is testing the $73.00 zone, down more than 4%. The slide weighed on the loonie.

At the same time, the demand for the US dollar soared amid risk appetite, and even as US yields tumbled to monthly lows. The DXY is up 0.43%, above 93.60. Data form the US came in below expectations and it was mostly ignored by market participans. On Wednesday, FOMC minutes are due.

Technical levels

USD/CAD

Overview
Today last price	1.2465
Today Daily Change	0.0122
Today Daily Change %	0.99
Today daily open	1.2343

Trends
Daily SMA20	1.2286
Daily SMA50	1.2199
Daily SMA100	1.2385
Daily SMA200	1.2661

Levels
Previous Daily High	1.2372
Previous Daily Low	1.2318
Previous Weekly High	1.245
Previous Weekly Low	1.2288
Previous Monthly High	1.2487
Previous Monthly Low	1.2007
Daily Fibonacci 38.2%	1.2351
Daily Fibonacci 61.8%	1.2339
Daily Pivot Point S1	1.2317
Daily Pivot Point S2	1.2291
Daily Pivot Point S3	1.2264
Daily Pivot Point R1	1.237
Daily Pivot Point R2	1.2398
Daily Pivot Point R3	1.2424

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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