USD/CAD under pressure amid resurgent oil prices


  • CAD appreciates despite the sour tone of US equities.
  • Oil prices reached fresh 2019 highs after President Trump said the US wouldn't renew Iranian oil waivers.

The Loonie is the most active in dull holiday trading, with the USD/CAD pair trading at around 1.3340. The Canadian dollar strengthened on the back of resurgent oil prices, which got boosted by news that US President Trump has decided not to renew Iranian oil waivers, aiming to bring Iran's oil exports to zero and denying the regime its principal source of revenue. According to Washington sources, countries importing oil from Iran will be subject to sanctions starting May 2. The barrel of West Texas Intermediate crude hit $65.70, a level last seen by the ends of October 2018.

The USD/CAD has been unable to find a clear direction this month, confined to a range limited by 1.3273 on the downside and 1.3402 to the upside, now trading midway such a range at around 1.3340. In the daily chart, the 100 DMA provides Immediate support at 1.3330, while the 200 DMA  maintains its upward slope at around 1.3090. However, and in the same chart, technical indicators have been seesawing around their midlines without a certain strength, reflecting the ongoing range.

USD/CAD

Overview
Today last price 1.3342
Today Daily Change -0.0050
Today Daily Change % -0.37
Today daily open 1.3392
 
Trends
Daily SMA20 1.336
Daily SMA50 1.3319
Daily SMA100 1.3343
Daily SMA200 1.3211
Levels
Previous Daily High 1.3397
Previous Daily Low 1.3362
Previous Weekly High 1.3404
Previous Weekly Low 1.3274
Previous Monthly High 1.3469
Previous Monthly Low 1.313
Daily Fibonacci 38.2% 1.3384
Daily Fibonacci 61.8% 1.3375
Daily Pivot Point S1 1.337
Daily Pivot Point S2 1.3348
Daily Pivot Point S3 1.3334
Daily Pivot Point R1 1.3405
Daily Pivot Point R2 1.3419
Daily Pivot Point R3 1.3441

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected

USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected

USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.

USD/JPY News

AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation

AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation

The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.

AUD/USD News

Gold soars as US economic woes and inflation fears grip investors

Gold soars as US economic woes and inflation fears grip investors

Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.

Gold News

Ethereum could remain inside key range as Consensys sues SEC over ETH security status

Ethereum could remain inside key range as Consensys sues SEC over ETH security status

Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.

Read more

Bank of Japan expected to keep interest rates on hold after landmark hike

Bank of Japan expected to keep interest rates on hold after landmark hike

The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.

Read more

Forex MAJORS

Cryptocurrencies

Signatures