USD/CAD slides back to the 1.2700 as US dollar weakens


  • USD/CAD has slid back from European morning session highs in the 1.2780s to test the 1.2700 level.
  • CAD has been lagging the likes of NZD, GBP and AUD, likely due to softness in crude oil markets.

USD/CAD has slid back from European morning session highs in the 1.2780s to test the 1.2700 level again, as the loonie benefits from weakness in safe-haven currencies (including the US dollar) amid a broad recovery in risk appetite since the start European session. Currently, the pair trades with losses of around 0.3% or 30 pips on the day. 

Driving the day

In terms of the reasons as to why sentiment has taken a positive turn for the better and USD has fallen; positive vaccine news is likely helping. Moderna announced last night that it was to start investigating a booster vaccine shot (to come 6-12 months after the second dose) and Pfizer is also to look into a booster dose. Meanwhile, after the release of a decent earnings report, the Johnson & Johnson (J&J) CFO said that they expect to release Covid-19 vaccine trial data next week and that the company is very optimistic that they will be releasing a very robust data set. J&J’s vaccine is being touted as a “game-changer” in the vaccination race as it would only require one shot to acquire full immunity.

This has benefitted the loonie versus its safe haven G10 FX counterparts. However, CAD has been lagging the likes of NZD, GBP and AUD, likely due to the fact that crude oil markets have not picked up in line with risk appetite; the crude oil complex is struggling with the risks posed to near-term demand by increasingly stringent global travel crackdowns as countries take action to prevent the international spread of new variants of Covid-19.

USD/cad

Overview
Today last price 1.2707
Today Daily Change -0.0036
Today Daily Change % -0.28
Today daily open 1.2743
 
Trends
Daily SMA20 1.2716
Daily SMA50 1.2821
Daily SMA100 1.3013
Daily SMA200 1.3295
 
Levels
Previous Daily High 1.2779
Previous Daily Low 1.2688
Previous Weekly High 1.2799
Previous Weekly Low 1.259
Previous Monthly High 1.301
Previous Monthly Low 1.2688
Daily Fibonacci 38.2% 1.2744
Daily Fibonacci 61.8% 1.2723
Daily Pivot Point S1 1.2694
Daily Pivot Point S2 1.2645
Daily Pivot Point S3 1.2602
Daily Pivot Point R1 1.2786
Daily Pivot Point R2 1.2828
Daily Pivot Point R3 1.2877

 

 

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


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.19 after robust US Nonfarm Payrolls data

EUR/USD is trading above 1.19 after dipping below that number in response to the US Nonfarm Payrolls, which showed an increase of 379K jobs in February. Higher yields in response to Powell are keeping the dollar bid.

EUR/USD News

GBP/USD recovers after post-NFP dip below 1.38

GBP/USD is trading above 1.38 bus till down the day. The US gained 379.000 jobs, roughly double than expected and supporting the dollar. The Senate's stimulus debate is eyed.

GBP/USD News

XAU/USD battles 1700 level

Gold is staging a rebound toward $1,700 amid proift-taking ahead of the weekend but remains on track to close the third straight week in the negative territory.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures