USD/CAD slides toward two-week lows near 1.3000


  • USD/CAD is falling toward 1.3000 during American session. 
  • WTI trades at its highest level since March near $45.
  • US Dollar Index retreats below 92.50 as US stocks push higher.

The USD/CAD pair rose to a daily high of 1.3090 in the early American session but made a sharp U-turn as surging crude oil prices provided a boost to the commodity-related loonie. As of writing, the pair was down 0.45% on the day at 1.3020 and was within a touching distance of the two-week low it set at 1.3010 earlier in the day.

The rising US Treasury bond yields helped the US Dollar Index to stage a rebound on Tuesday. However, the impressive rally witnessed in Wall Street's main indexes made it difficult for the greenback to preserve its strength. At the moment, both the S&P 500 and the Dow Jones Industrial Average are up around 1.5% and the US Dollar Index is losing 0.2% at 92.31.

Oil rally remains intact

On the other hand, fueled by heightened optimism for a steady recovery in global energy demand amid positive developments surrounding coronavirus vaccines, crude oil prices continue to push higher. After closing the previous four days in the positive territory, the barrel of West Texas Intermediate climbed to its highest level since March at $45.17 and was last seen trading at $44.95, where it was up nearly 5% on a daily basis.

On Wednesday, investors will keep a close eye on high-impact macroeconomic data releases from the US. Ahead of the Thanksgiving holiday, Durable Goods Orders, Q3 Gross Domestic Product, Goods Trade Balance, Initial Jobless Claims, New Home Sales and UoM Consumer Sentiment Index will be featured in the US economic docket. Later in the day, the FOMC will release the minutes of its November meeting. 

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3022
Today Daily Change -0.0059
Today Daily Change % -0.45
Today daily open 1.3081
 
Trends
Daily SMA20 1.3133
Daily SMA50 1.3194
Daily SMA100 1.3252
Daily SMA200 1.3533
 
Levels
Previous Daily High 1.3112
Previous Daily Low 1.3046
Previous Weekly High 1.3142
Previous Weekly Low 1.3034
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3071
Daily Fibonacci 61.8% 1.3087
Daily Pivot Point S1 1.3047
Daily Pivot Point S2 1.3013
Daily Pivot Point S3 1.298
Daily Pivot Point R1 1.3114
Daily Pivot Point R2 1.3147
Daily Pivot Point R3 1.3181

 

 

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: Bears hold the grip, critical challenge at 1.2000

The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish.

EUR/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest fefore dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures