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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.

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 price1.2465
Today Daily Change0.0122
Today Daily Change %0.99
Today daily open1.2343
 
Trends
Daily SMA201.2286
Daily SMA501.2199
Daily SMA1001.2385
Daily SMA2001.2661
 
Levels
Previous Daily High1.2372
Previous Daily Low1.2318
Previous Weekly High1.245
Previous Weekly Low1.2288
Previous Monthly High1.2487
Previous Monthly Low1.2007
Daily Fibonacci 38.2%1.2351
Daily Fibonacci 61.8%1.2339
Daily Pivot Point S11.2317
Daily Pivot Point S21.2291
Daily Pivot Point S31.2264
Daily Pivot Point R11.237
Daily Pivot Point R21.2398
Daily Pivot Point R31.2424

Author

Matías Salord

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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