#USDCAD @ 1.34833 US Dollar rises sharply amid risk aversion and banking concerns. (Pivot Orderbook analysis)
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- US Dollar rises sharply amid risk aversion and banking concerns.
- US data adds more evidence of slowing inflation and easing labor market.
- USD/CAD is having the biggest daily gain in a month, extending weekly gains.
The pair currently trades last at 1.34833.
The previous day high was 1.3415 while the previous day low was 1.3335. The daily 38.2% Fib levels comes at 1.3365, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3384, expected to provide support.
The USD/CAD broke above 1.3415 and jumped to 1.3486, hitting the highest level since last Friday. This was supported by a stronger US Dollar across the board, which gained momentum after Wall Street’s opening bell.
Equity prices are down, with PacWest Bancorp falling by 20%. US yields are sharply lower. Crude oil prices are falling by more than 1.5%.
Data from the US showed the Producer Price Index (PPI) rose 0.2% in April, below the 0.3% of market consensus and the annual rate dropped from 2.7% in March to 2.3%. The Labor Department also informed that Initial Jobless Claims rose to 264,000, surpassing expectations and reaching the highest level since October 2021.
The USD/CAD is having the biggest daily gain in months. The next resistance stands at 1.3500 followed by 1.3525. On the flip side support might be seen at 1.3420 and 1.3405. The outlook for the American session favors the Greenback as long as price remain above 1.3400.
The Loonie outperformed NZD and AUD during the last hour, amid risk appetite.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3478 at the time of writing. Pair opened at 1.3372 and is trading with a change of 0.79 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3478 |
| 1 | Today Daily Change | 0.0106 |
| 2 | Today Daily Change % | 0.7900 |
| 3 | Today daily open | 1.3372 |
The pair is trading below its 20 Daily moving average @ 1.3487, below its 50 Daily moving average @ 1.3572 , below its 100 Daily moving average @ 1.3516 and above its 200 Daily moving average @ 1.3454
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3487 |
| 1 | Daily SMA50 | 1.3572 |
| 2 | Daily SMA100 | 1.3516 |
| 3 | Daily SMA200 | 1.3454 |
The previous day high was 1.3415 while the previous day low was 1.3335. The daily 38.2% Fib levels comes at 1.3365, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3384, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3333, 1.3294, 1.3254
- Pivot resistance is noted at 1.3413, 1.3454, 1.3493
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3415 |
| Previous Daily Low | 1.3335 |
| Previous Weekly High | 1.3639 |
| Previous Weekly Low | 1.3371 |
| Previous Monthly High | 1.3668 |
| Previous Monthly Low | 1.3301 |
| Daily Fibonacci 38.2% | 1.3365 |
| Daily Fibonacci 61.8% | 1.3384 |
| Daily Pivot Point S1 | 1.3333 |
| Daily Pivot Point S2 | 1.3294 |
| Daily Pivot Point S3 | 1.3254 |
| Daily Pivot Point R1 | 1.3413 |
| Daily Pivot Point R2 | 1.3454 |
| Daily Pivot Point R3 | 1.3493 |
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