USD/CAD trims losses and retreats toward 1.2800


  • Loonie recovers against US Dollar as markets stabilize.
  • USD/CAD up for the third consecutive day.

The USD/CAD trimmed losses during the American session. After hitting a one-month high at 1.2895, the pair dropped back toward 1.2800. It still remains with a gain of around 50 pips, but significantly off highs.

A recovery in crude oil prices and a stabilization in equity markets, helped the loonie. Also, the greenback corrected lower, pushing USD/CAD to the downside.

Election day in Canada

Elections are taking place in Canada on Monday. So far, the Loonie remains unaffected by the event and is falling versus the US dollar like the AUD and NZD. PM Trudeau’s Liberals are likely to win around 155 of the 338 seats in the House of Commons.

According to analysts at Brown Brothers Harriman, the failure to win 170 seats would leave Trudeau leading a minority government.  “In some ways, this may be the outcome that makes the most sense. That is, voters will reward Trudeau’s handling of the pandemic and allow him to stay in power but will punish him for calling an election in the middle of the pandemic and deny him an outright majority.  If so, then there are basically no implications for policy or for Canadian asset markets”.

The USD/CAD is currently being driven by the US dollar and the overall market sentiment amid risk aversion. From Evergrande, attention will turn to the Federal Reserve’s two-day meeting that will start on Tuesday.

Technical levels

USD/CAD

Overview
Today last price 1.281
Today Daily Change 0.0047
Today Daily Change % 0.37
Today daily open 1.2763
 
Trends
Daily SMA20 1.2636
Daily SMA50 1.2598
Daily SMA100 1.2405
Daily SMA200 1.2524
 
Levels
Previous Daily High 1.2774
Previous Daily Low 1.2637
Previous Weekly High 1.2774
Previous Weekly Low 1.2601
Previous Monthly High 1.2949
Previous Monthly Low 1.2453
Daily Fibonacci 38.2% 1.2721
Daily Fibonacci 61.8% 1.2689
Daily Pivot Point S1 1.2676
Daily Pivot Point S2 1.2588
Daily Pivot Point S3 1.2539
Daily Pivot Point R1 1.2812
Daily Pivot Point R2 1.2861
Daily Pivot Point R3 1.2949

 

 

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