- USD/CAD bounces off the monthly lows.
- Coronavirus fears keep weighing on the commodity and commodity-linked currencies.
- Canadian Manufacturing Sales, the return of the US traders will be in the focus.
USD/CAD registers 0.12% gains to 1.3250 while heading into the European session on Tuesday. That said, the quote recently snapped the previous two day’s declines while bouncing off the monthly low as fears of coronavirus provided across the board strength to the US dollar.
Following the Caixin report that mentions higher coronavirus infection/death rate among medical workers, receding the pace of the actual numbers of cases from China’s Health Commission lost its importance. On the contrary, reports from China’s Global Times and MNI weighed on the risk-tone.
Earlier, the International Monetary Fund (IMF) and the World Trade Organization (WTO) cited downside risks to the global economy/trade due to the epidemic.
As a result, the US 10-year treasury yields drop four basis points to 1.547% whereas a gauge of Asian stocks also loses more than 1.0% by the press time.
In addition to weighing down the risk-tone, commodities like Crude, Canada’s main export, are also declining amid fears of weak future demand due to the coronavirus contagion.
Moving on, the US traders will return to their desks after the extended weekend and won’t miss responding to the latest coronavirus updates. Also likely to entertain monetary traders will be the US Empire State Manufacturing State Index and Canadian Manufacturing Sales numbers.
21-day SMA near 1.3228 offers the immediate support ahead of 200-day SMA, close to 1.3220, while pair’s upside beyond 1.3270 can recall 1.3310 on the charts.
Additional important levles
|Today last price||1.325|
|Today Daily Change||17 pips|
|Today Daily Change %||0.13%|
|Today daily open||1.3233|
|Previous Daily High||1.326|
|Previous Daily Low||1.3224|
|Previous Weekly High||1.333|
|Previous Weekly Low||1.3236|
|Previous Monthly High||1.3255|
|Previous Monthly Low||1.29|
|Daily Fibonacci 38.2%||1.3238|
|Daily Fibonacci 61.8%||1.3246|
|Daily Pivot Point S1||1.3218|
|Daily Pivot Point S2||1.3203|
|Daily Pivot Point S3||1.3182|
|Daily Pivot Point R1||1.3254|
|Daily Pivot Point R2||1.3275|
|Daily Pivot Point R3||1.3289|
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.