USD/CAD rises further to test 1.3400 on US dollar strength

  • A stronger US dollar boosts USD/CAD to the highest level in a week. 
  • Greenback’s on demand and fully recovered from yesterday’s losses. 

The USD/CAD pair rose further during the US session and reached at 1.3398, the highest level since March 12. From the top pulled back modestly and as of writing was trading at 1.3375, consolidating a daily gain of 75 pips. 

The greenback is sharply higher across the board today while the Loonie is among the worst performers. Not even a stabilization of the WTI barrel near $60.00 and better-than-expected Canadian data were able to help the Loonie. The US dollar appears to have left behind the weakens that followed yesterday’s FOMC meeting. Data released today from the US, showed a rebound in the Philly Fed back into positive territory. On Friday, the key report for the pair will be inflation data from Canada. 

USD/CAD Breaking key technical level 

Yesterday after the FOMC meeting USD/CAD approached the 1.3250 support area and bounced to the upside. The rebound continued today and was strong enough to push the price above a key short-term resistance seen around 1.3365/70 that capped the upside last week. If the US dollar manages to hold on top, the outlook would point to further gains. The next resistance above 1.3400 is seen at 1.3415/20. 

On the downside, a retreat back below 1.3360 would put the price back on the previous range between 1.3360 and 1.3250. But technical indicators are biased to the upside at the moment. 

USD/CAD

Overview
Today last price 1.3367
Today Daily Change 0.0062
Today Daily Change % 0.47
Today daily open 1.3305
 
Trends
Daily SMA20 1.3299
Daily SMA50 1.3266
Daily SMA100 1.3308
Daily SMA200 1.3192
 
Levels
Previous Daily High 1.3349
Previous Daily Low 1.3257
Previous Weekly High 1.344
Previous Weekly Low 1.3287
Previous Monthly High 1.3341
Previous Monthly Low 1.3069
Daily Fibonacci 38.2% 1.3292
Daily Fibonacci 61.8% 1.3314
Daily Pivot Point S1 1.3259
Daily Pivot Point S2 1.3213
Daily Pivot Point S3 1.3168
Daily Pivot Point R1 1.335
Daily Pivot Point R2 1.3395
Daily Pivot Point R3 1.3441

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD extends recovery to 1.1260 price zone in dull trading

Wall Street may have opened, but FX traders are nowhere to be found: majors continue trading within in limited intraday ranges as Easter Monday kept most investors away from their desks.

EUR/USD News

GBP/USD at daily lows after failing to regain 1.3000

Brexit uncertainty and market talks suggesting PM May could be ousted by Conservative lawmakers keep the Sterling among the weakest currencies. Crucial support at 1.2959, March low.

GBP/USD News

USD/JPY: lifeless just below 112.00

Japanese Nikkei moved marginally higher, also US Treasury yields in thin market conditions. US to release minor macroeconomic data as markets slowly return to normal.

USD/JPY News

Bitcoin price analysis: BTC/USD bulls come back; eyes glued on $5,400

BTC/USD is trading higher highs and higher lows within a rising channel. The upside correction comes after the weekend trading saw Bitcoin explore the levels close to $5,200 but formed a low at $5,220. 

Read more

Gold: Intraday positive move falters near 100-hour SMA

The precious metal was seen trying to build on Friday's attempted bounce from a support marked by 50% Fibonacci retracement level of the $1196-$1347 recent up-move.

Gold News

Majors

Cryptocurrencies

Signatures