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


Today last price 1.3022
Today Daily Change -0.0059
Today Daily Change % -0.45
Today daily open 1.3081
Daily SMA20 1.3133
Daily SMA50 1.3194
Daily SMA100 1.3252
Daily SMA200 1.3533
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



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