- Canadian wholesale sales rose more than expected in April.
- US Dollar Index struggles to stage a meaningful recovery.
- WTI clings to modest daily gains, trades near $58.
The bearish pressure surrounding the USD/CAD pair remains intact on Tuesday in the early American session as the loonie preserves its strength on the back of upbeat data from Canada and rising crude oil prices. As of writing, the pair was losing 0.12% on the day at 1.3160.
Statistics Canada today reported that wholesale sales rose 1.7% on a monthly basis in April following March's 1.4% growth and came in better than the market expectation of 0.2%. Furthermore, with the geopolitical tensions in the Middle East remaining escalated, crude oil prices continue to rise, providing an additional boost to the commodity-sensitive CAD. At the moment, the barrel of West Texas Intermediate is up 0.2% on the day at $57.9.
On the other hand, the greenback struggles to find demand as investors continue to price July rate cut expectations. The US Dollar Index, which earlier today slumped to its lowest level in more than three months at 95.84 is now virtually unchanged on the day at 96, waiting for NY Fed President Williams, FOMC Chairman, and finally Atlanta Fed President to deliver their speeches.
Meanwhile, the economic docket in the U.S. will feature the Conference Board's Consumer Confidence Survey, new home sales figures, and the Richmond Fed's Manufacturing Index. Nevertheless, with the CME Group FedWatch showing a 0% chance of the Fed keeping its policy rate unchanged in July, the greenback's recovery attempts are likely to remain shallow even if the data beat expectations.
Technical levels to watch for
|Today last price||1.3168|
|Today Daily Change||-0.0012|
|Today Daily Change %||-0.09|
|Today daily open||1.318|
|Previous Daily High||1.3218|
|Previous Daily Low||1.3178|
|Previous Weekly High||1.3434|
|Previous Weekly Low||1.3151|
|Previous Monthly High||1.3566|
|Previous Monthly Low||1.3357|
|Daily Fibonacci 38.2%||1.3193|
|Daily Fibonacci 61.8%||1.3202|
|Daily Pivot Point S1||1.3166|
|Daily Pivot Point S2||1.3152|
|Daily Pivot Point S3||1.3126|
|Daily Pivot Point R1||1.3206|
|Daily Pivot Point R2||1.3232|
|Daily Pivot Point R3||1.3247|
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.