USD/CAD remains under pressure below 1.32 after upbeat Canadian data

  • 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
Daily SMA20 1.336
Daily SMA50 1.3405
Daily SMA100 1.3356
Daily SMA200 1.3288
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. 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

GBP/USD advances above 1.30 after upbeat UK wage figures

GBP/USD is trading above 1.30 after UK wage figures beat expectations with 3.2% annually. The unemployment rate remained at 3.8% in November. 


EUR/USD trades around 1.11 amid upbeat German figures, trade headlines

EUR/USD is trading around 1.11 after the German ZEW Economic Sentiment beat with 26.7 points. Presidents Trump and Macron agreed not to slap tariffs on each others' countries.


Market delays the trip to the moon

The crypto markets continue to turn to a new bullish phase. This turnaround began at the beginning of the year after a consolidation phase that started in mid-2019. 

Read more

Gold retreats from 2-week tops, drifts into negative territory

Gold failed to capitalize on its early uptick to near two-week tops and dropped to fresh session lows, around the $1560 region in the last hour.

Gold News

USD/JPY: Weaker near 110.00 amid China virus fears, BOJ's status-quo

The Japanese yen retains the bid tone following the Bank of Japan's (BOJ) status-quo, keeping USD/JPY under pressure near the 110 level amid risk-off market profile. S&P 500 futures drop 0.40% while the US Treasury yields are down over 1.50%, as the sentiment is hit by the coronavirus outbreak.