- US Dollar Index fails to hold above the 97 mark amid falling T-bond yields.
- WTI corrects the latest rally on Tuesday.
The USD/CAD pair advanced to a fresh daily high of 1.3283 in the early NA session but struggled to push higher as the greenback came under a renewed selling pressure. At the moment, the pair is up 0.2% on a daily basis at 1.3265.
Earlier today, the commodity-sensitive loonie weakened against its rivals as crude oil rally lost its steam. After posting gains in five straight trading days, the barrel of West Texas Intermediate reversed its course on Tuesday and was last seen trading at $55.60, losing 0.8% on a daily basis.
On the other hand, although it looked like the US Dollar Index was attempting to retake the 97 handle, the currency lost its tractşon as the 10-year T-bond yield fell sharply and was last seen down more than 1% on the day. The DXY is currently at 96.64, posting losses for the fourth straight day. The only data from the U.S. today showed that the builder's confidence improved with the NAHB Housing Market Index rising to 62 in February from 58 in January but couldn't help the greenback attract investors' attention.
Later in the session, markets will be looking at the weekly API crude oil stock data. Although it's unlikely, a sharp reaction to the data in crude oil prices in the post-settlement trade could impact the pair's price action.
Technical levels to consider
USD/CAD
Overview:
Today Last Price: 1.3265
Today Daily change %: 0.2%
Today Daily Open: 1.3241
Trends:
Daily SMA20: 1.3239
Daily SMA50: 1.3359
Daily SMA100: 1.325
Daily SMA200: 1.315
Levels:
Previous Daily High: 1.3258
Previous Daily Low: 1.3225
Previous Weekly High: 1.3341
Previous Weekly Low: 1.3196
Previous Monthly High: 1.3664
Previous Monthly Low: 1.3118
Daily Fibonacci 38.2%: 1.3238
Daily Fibonacci 61.8%: 1.3245
Daily Pivot Point S1: 1.3225
Daily Pivot Point S2: 1.3209
Daily Pivot Point S3: 1.3193
Daily Pivot Point R1: 1.3257
Daily Pivot Point R2: 1.3274
Daily Pivot Point R3: 1.329
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