• The pair moves higher to 1.3300, just to retreat afterwards.
  • WTI posting decent losses near $52.20/barrel.
  • Canadian trade balance figures next on tap.

After climbing to fresh daily highs near 1.3300 the figure, USD/CAD lost some vigour and receded to the current 1.3280 region.

USD/CAD looks to data, oil

CAD recovered some ground after dropping to fresh lows near 1.3300 the figure vs. its American peer in early trade. However, the softer tone in crude oil prices keep weighing on the comm-bloc, with the barrel of West Texas Intermediate down nearly 1% and testing the $52.00 mark.

In the meantime, spot has resumed the upside today following Friday’s negative performance in response to solid prints from the Canadian labour market during last month.

Looking ahead, Canadian trade balance figures for the month of December are only due in the NA session.

What to look for in CAD

CAD keeps looking to risk-appetite trends and crude oil dynamics as the main drivers of the price action in the near term, as speculations of further tightening by the Bank of Canada appear somewhat diminished. In addition, CAD is also looking at developments from the ongoing US-China trade dispute and the upcoming talks later in the week in Beijing.

USD/CAD significant levels

As of writing the pair is advancing 0.07% at 1.3283 and faces the initial hurdle at 1.3329 (high Feb.8) followed by 1.3334 (55-day SMA) and finally 1.3375 (high Jan.24). On the downside, a breach of 1.3243 (21-day SMA) would expose 1.3223 (50% Fibo of the October-December up move) and then 1.3195 (10-day SMA).

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: On the defensive after rejection at key trendline hurdle

EUR/USD's repeated failure to scale a rising trendline hurdle may end up enticing sellers, leading to a drop to 1.12. The trendline connecting May 30 and June 18 lows was breached on July 6. 

EUR/USD News

GBP/USD recovers to 1.2520 amid political optimism, soft-Brexit concerns

Having witnessed a slump on the previous day, the GBP/USD pair recovers to 1.2520 amid initial Asian morning on Tuesday. PM hopeful Johnson holds October 31 deadline tightly.

GBP/USD News

USD/JPY fades a spike above 108.00 amid risk-aversion

As Japan comes back into the mix, USD/JPY is currently trading just below the 108 handle, having reversed a spike above the last amid a risk-off action in the Asian equities that caps the recovery attempts. 

USD/JPY News

Gold & Silver: Dollar inched higher, capping bulls progress

The Dollar is out of favour but still holds in there, capping progress in the precious metals, hell-bent on higher grounds. The series of bearish gold pin bars on the daily charts do not bode well for the bulls.

Gold News

UK employment change preview: stable but no recovery

The employment change for May is expected to be 45,000 in May following Aprils 32,000 gain. The International Labour Organization (ILO) unemployment rate for May is predicted to be stable at 3.8%.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •