USD/CAD rises above1.2500 as crude oil tumbles


  • Loonie under pressure as WTI drops 4%.
  • USD/CAD rises for the second day in a row.

The USD/CAD jumped to 1.2502 on American hours, even amid a weaker US dollar across the board. The sharp decline in crude oil prices weighed on the loonie. The WTI barrel is falling by 4%.

After the release of the US ISM manufacturing index, USD/CAD bottomed at 1.2452 and then bounced sharply to the 1.2500 area. As of writing, it is hovering around 1.2495, with a bullish tone intact.

The DXY is down just 0.07%, around 92.00, as US yields tumble. The 10-year dropped to 1.17%, the lowest since July 20, and on a daily basis, it could post the lowest close since February. In Wall Street, stocks are modestly higher.

Key resistance at 1.2530

If the USD/CAD finds more buyers, the next key level is the 1.2530 are. A break above should clear the way for an approximation to 1.2600 and would alleviate further the bearish pressure. On the flip side, in the very short-term, 1.2485 is the immediate support, followed by 1.2450 and last week low at 1.2420.

Technical levels

USD/CAD

Overview
Today last price 1.2483
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.2477
 
Trends
Daily SMA20 1.2533
Daily SMA50 1.2337
Daily SMA100 1.2369
Daily SMA200 1.2598
 
Levels
Previous Daily High 1.2492
Previous Daily Low 1.2422
Previous Weekly High 1.2605
Previous Weekly Low 1.2422
Previous Monthly High 1.2808
Previous Monthly Low 1.2303
Daily Fibonacci 38.2% 1.2465
Daily Fibonacci 61.8% 1.2449
Daily Pivot Point S1 1.2436
Daily Pivot Point S2 1.2394
Daily Pivot Point S3 1.2367
Daily Pivot Point R1 1.2505
Daily Pivot Point R2 1.2533
Daily Pivot Point R3 1.2574

 

 

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