- The U.S. and Canada are said to close to a deal on steel/aliminum tariffs.
- US Dollar Index advances to 98 on upbeat consumer sentiment data.
The USD/CAD pair rose to its highest level since April 25 at 1.3513 in the early American session but made a sharp U-turn on the latest headlines surrounding the U.S.-Canada trade negotiations. As of writing, the pair was virtually unchanged on the day at 1.3458.
Several news outlets in the last hour reported that the U.S. was poised to remove the steel and aliminum tariffs on Canada and Mexico to provide a boost to the loonie. "High-level discussions to hammer out any final details are happening now, and the deal could be announced as early as Friday," Canadian Broadcasting Corporation (CBC) reported today.
On the other hand, the greenback preserved its strength after the University of Michigan's Consumer Sentiment Index in the U.S. jumped to its highest level in 15 years at 102.4 in May from 97.2 in April. On the back of the upbeat confidence data, the US Dollar Index advanced to a fresh 2-week high and was last at 97.98, adding 0.16% on a daily basis. Commenting on the data, "Happiness has many definitions. Surely the Michigan Consumer Sentiment reading for May, 102.4 the best score in over a decade, is one," said FXStreet senior analyst Joseph Trevisani.
Technical levels to consider
|Today last price||1.3459|
|Today Daily Change||-0.0003|
|Today Daily Change %||-0.02|
|Today daily open||1.3462|
|Previous Daily High||1.3472|
|Previous Daily Low||1.34|
|Previous Weekly High||1.3506|
|Previous Weekly Low||1.338|
|Previous Monthly High||1.3522|
|Previous Monthly Low||1.3274|
|Daily Fibonacci 38.2%||1.3444|
|Daily Fibonacci 61.8%||1.3428|
|Daily Pivot Point S1||1.3417|
|Daily Pivot Point S2||1.3373|
|Daily Pivot Point S3||1.3346|
|Daily Pivot Point R1||1.3489|
|Daily Pivot Point R2||1.3516|
|Daily Pivot Point R3||1.356|
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