• USD/CAD consolidates gains on Tuesday in the Asain session.
  • US Dollar Index stands tall above 92.60 on political tension in Afganistan and risk aversion amid delta variant spread.
  • The Canadian dollar weighs down by weaker commodity prices, mixed economic data.

USD/CAD remains muted in the initial trading hour on Tuesday. After testing the high above 1.2580 in the overnight session, the pair consolidates with minute gains.

At the time of writing, USD/CAD is trading at 1.2571, up 0.01% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six major currencies remains strong at 92.60 with 0.13% gains. 

Persistent coronavirus jitters and lower-than-expected Chinese data took a toll on investors sentiment and hurt the demand for riskier assets.

On the other hand, the Canadian dollar failed to impress investors on falling oil prices on demand concerns.

Oil prices continued to decline for the third consecutive session amid demand concerns as the global growth recovery at risk on the spread of the Delta variant of coronavirus. The subdued Chinese data, which is a major consumer of oil, also weighed on the prospects of the WTI prices.

A surprise election call from Prime Minister Justin Trudeau and mixed economic data negatively affected the loonie.
The Manufacturing Sales jumped 2.1% in June, in line with market expectations, whereas Wholesale Sales edged lower 0.8% in June.

As for now, traders are waiting for the US Retails Sales and Fed’s Chair Powell speech to trade fresh trading impetus.

USD/CAD additional levels

USD/CAD

Overview
Today last price 1.257
Today Daily Change 0.0058
Today Daily Change % 0.46
Today daily open 1.2512
 
Trends
Daily SMA20 1.255
Daily SMA50 1.2428
Daily SMA100 1.237
Daily SMA200 1.2565
 
Levels
Previous Daily High 1.2532
Previous Daily Low 1.2502
Previous Weekly High 1.2589
Previous Weekly Low 1.2489
Previous Monthly High 1.2808
Previous Monthly Low 1.2303
Daily Fibonacci 38.2% 1.2514
Daily Fibonacci 61.8% 1.2521
Daily Pivot Point S1 1.2499
Daily Pivot Point S2 1.2485
Daily Pivot Point S3 1.2468
Daily Pivot Point R1 1.2529
Daily Pivot Point R2 1.2546
Daily Pivot Point R3 1.2559

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD is off the lows but remains pressured below 0.6900 on a big beat on the Chinese Caixin Manufacturing PMI. The US dollar attempts a recovery amid risk-off trading, ahead of US ISM. Strong Aussie PMI, increasing odds of another 50 bps RBA rate hike fails to recall bulls. 

AUD/USD News

USD/JPY inches towards 136.00 on stronger Japan's jobs data

USD/JPY inches towards 136.00 on stronger Japan's jobs data

The USD/JPY pair is aiming towards 136.00 as the Statistics Bureau of Japan has reported higher-than-expected Unemployment data. The jobless rate has improved to 2.6%, higher than the estimates and the prior print of 2.5%.

USD/JPY News

Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price remains pressured around the lowest levels in seven weeks after breaking the key support. US Dollar regains upside momentum, as recession woes favor the greenback. US ISM Manufacturing PMI for June could direct market moves.

Gold News

Will the ApeCoin price fall to $2 this summer

Will the ApeCoin price fall to $2 this summer

ApeCoin price shows incoming sell-off signals on the final day of June. It is best to wait for a breach of the invalidation level before counter-trend trading the Ethereum-based NFT Token. Invalidation of the bearish downtrend is a breach above $6.15.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures