USD/CAD rebounds modestly after dropping below 1.3200 for first time since February


  • USD/CAD continues to trade deep in the negative territory.
  • Falling crude oil prices help USD/CAD recover modestly.
  • US Dollar Index inches lower toward 93.00 in American session.

The USD/CAD pair extended its daily slide during the American trading hours and touched its lowest level since February at 1.3190. However, the pair recovered modestly following that drop and was last seen trading at 1.3220, where it was still down 0.17% on a daily basis.

USD selloff continues

The broad-based selling pressure surrounding the greenback caused the bearish momentum of USD/CAD to pick up in the second half of the day. The data published by the US Department of Labor showed that Initial Jobless Claims came in below one million for the first time since March and helped the market sentiment remain upbeat. 

Despite a lack of progress in the US coronavirus aid bill talks, the risk-positive environment weighed on the USD and forced the US Dollar Index (DXY) to push lower toward 93.00. As of writing, the DXY was down 0.35% on the day at 93.09.

On the other hand, crude oil prices turned south in the last hour and made it difficult for the commodity-sensitive loonie to continue to gather strength against the buck. At the moment, the barrel of West Texas Intermediate is down 0.2% on the day at $42.45.

In the early trading hours of the Asian session on Friday, Industrial Production and Retail Sales data from China will be looked upon for fresh impetus. Better-than-expected figures could provide a boost to oil prices and allow the CAD to outperform its rivals. 

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3214
Today Daily Change -0.0032
Today Daily Change % -0.24
Today daily open 1.3246
 
Trends
Daily SMA20 1.3393
Daily SMA50 1.3493
Daily SMA100 1.374
Daily SMA200 1.3532
 
Levels
Previous Daily High 1.3347
Previous Daily Low 1.3229
Previous Weekly High 1.3451
Previous Weekly Low 1.3234
Previous Monthly High 1.3646
Previous Monthly Low 1.3331
Daily Fibonacci 38.2% 1.3274
Daily Fibonacci 61.8% 1.3302
Daily Pivot Point S1 1.3201
Daily Pivot Point S2 1.3156
Daily Pivot Point S3 1.3083
Daily Pivot Point R1 1.3319
Daily Pivot Point R2 1.3392
Daily Pivot Point R3 1.3437

 

 

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


Latest Forex News

Editors’ Picks

AUD/USD: Depressed near monthly low under 0.7200, eyes Aussie Retail Sales

AUD/USD fades pullback moves from multi-day low of 0.7153 around 0.7180/75. Recovery in market sentiment fails to help the bulls as US dollar stays strong. Aussie PMIs, Preliminary Retail Sales for September are in the spotlight, for now.

AUD/USD News

GBP/USD falling in largest monthly drop since March

GBP/USD bears stay on top, taking the pair down in the largest monthly percentage drop since March. Brexit, COVID-19, negative rate sentiment and risk-off environment playing in the hands of the bears.

GBP/USD News

Gold licks its wounds around $1,900

Gold pulls back from $1,898.57 after two consecutive days of downside. Broad US dollar strength becomes the key catalyst. A busy day ahead as Japan returns from extended weekend and monthly PMIs are up for a grab.

Gold News

Dollar rally sends these currencies to 1 month lows

The US dollar traded higher against all of the major currencies on Tuesday on the back of relatively neutral comments from Federal Reserve Chairman Jerome Powell. Although Powell described the outlook as highly uncertain and ...

Read more

WTI: Trapped between key hourly averages ahead of API data

WTI (futures on NYMEX) consolidates the bounce above the $40 barrier, having regained the 21-hourly Simple Moving Averages (HMA), currently at $39.75.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures