USD/CAD portrays another attempt to break monthly high amid overall greenback strength

  • USD/CAD keeps it strong above 200-DMA.
  • The Loonie pair still remains below the monthly top.
  • The US Dollar (USD) registers across the board gains while WTI witnesses pullbacks.

The USD/CAD pair’s sustained trading beyond 200-day simple moving average (DMA) enables it to remain firm around 1.3330 during Tuesday’s Asian session.

Despite geopolitical tension in Syria, and also concerning Iran, oil prices fail to rise as the USD’s overall strength disappoints commodity buyers. As a result, the Loonie pair also have to register gains.

It should also be noted that uncertainty surrounding the US-China trade talks is offering additional weight on the commodity-linked currencies, like the Canadian Dollar (CAD).

The greenback buyers have an additional reason to cheer. That is comments from the Federal Reserve Bank of Boston’s President reducing the scope of further Fed rate cuts.

Given the absence of major data/event, investors will keep an eye over news/headlines for fresh impulse.

Technical Analysis

Repeated failures to cross the monthly high around 1.3345/50 makes it the key towards June month top surrounding 1.3435. On the downside, 1.3250 and 50-DMA level of 1.3180 will be important for sellers to watch.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers around the 34-months lows amid growth concerns

EUR/USD is trading below 1.0850, just above the lowest since April 2017. Concerns about eurozone growth are weighing on the common currency. Markets are watching coronavirus developments. 


GBP/USD shrugs off Brexit concerns and holds its ground

GBP/USD is trading around 1.3050, little-changed. The French foreign minister warned of acrimonious Brexit talks as the UK's chief negotiator is laying down a tough stance. 


Forex Today: Coronavirus fears persist, Japanese economy squeezes, cryptos climb down

China has announced it will stimulate the economy in the face of the coronavirus outbreak, including lower corporate taxes and increased spending. While most factories have returned to work, Beijing has tightened restrictions on movements in the Hubei province.

Read more

Gold slips below $1580 level amid improving risk sentiment

Gold retreats from two-week tops amid receding demand for traditional safe-haven assets. The precious metal failed to capitalize on its recent positive move to near two-week tops and edged lower during the early European session on Monday amid fading safe-haven demand.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info