USD/CAD surges through 1.3500 mark, highest since early Jan. post-BoC


   •  As was widely expected, BoC maintains status quo and leave policy rates unchanged.
   •  A more dovish tone in the accompanying rate statement weighs heavily on the CAD.
   •  The USD inches back closer to 22-month tops and remained supportive of the up-move.

The USD/CAD pair caught some aggressive bids and spiked through the key 1.3500 psychological mark, highest since early-Jan. post-BoC announcement. 

The Bank of Canada, at its April policy meeting, decided to maintain status-quo and leave benchmark interest rates unchanged at 1.75%. The decision was on expected lines but a more dovish tone in the accompanying rate statement exerted some fresh downward pressure on the Canadian Dollar. 

The pair rallied hard and now seems to have stabilized near the top end of its daily trading range as the focus now shirts to updated economic projections, which followed by the post-meeting press conference might further contribute towards driving sentiment surrounding the Canadian Dollar.

Meanwhile, the ongoing US Dollar bullish run, inching back closer to 22-month set in the previous session, coupled with a subdued action around crude oil prices, which tends to influence demand for the commodity-linked currency, remained supportive of the positive tone.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3444
Today Daily Change 0.0022
Today Daily Change % 0.16
Today daily open 1.3422
 
Trends
Daily SMA20 1.3359
Daily SMA50 1.3323
Daily SMA100 1.3346
Daily SMA200 1.3213
Levels
Previous Daily High 1.3444
Previous Daily Low 1.3342
Previous Weekly High 1.3404
Previous Weekly Low 1.3274
Previous Monthly High 1.3469
Previous Monthly Low 1.313
Daily Fibonacci 38.2% 1.3405
Daily Fibonacci 61.8% 1.3381
Daily Pivot Point S1 1.3362
Daily Pivot Point S2 1.3302
Daily Pivot Point S3 1.326
Daily Pivot Point R1 1.3462
Daily Pivot Point R2 1.3504
Daily Pivot Point R3 1.3564

 

 

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: Focus this week is on Eurozone PMIs

EUR/USD hit a 2.5-week low of 1.1153 in Asia and could drop to the psychological level of 1.10 in the near-term if the Eurozone preliminary PMIs, due this Thursday, miss expectations, accentuating growth concerns. 

EUR/USD News

GBP/USD struggles to hold recent recovery amid Brexit pessimism

Growing probabilities of PM May’s another failure to let her Brexit proposal through the parliament weigh on the recent GBP/USD pullback.

GBP/USD News

USD/JPY consolidates around 110.20 amid risk-on, upbeat Japanese GDP

USD/JPY is seen consolidating its uptick to two-week tops of 110.32, as upbeat Japan’s Q1 2019 GDP data combined with mixed Asian equities appear to cap further upside. 

USD/JPY News

Gold: Mid-August 2018 major-uptrend’s support line tested for third time this month

Technically, the price is below the 50 and 20 DMAs, dropping back from channel resistance with room to go on the RSI to the downside although meeting its mid-April support line.

Gold News

Liberal Party Retains Power in Australian Election Upset

Australia's conservative government has scored a stunning upset in Federal elections edging the Labor party which had led in almost all polls and had been widely expected to end almost six years of Liberal governance. 

Read more

Majors

Cryptocurrencies

Signatures