The US Dollar is continuing its upward trend and is currently being supported with strong buying interest near the 1.3500 level, based on the USDCAD currency pair at 1.35443.
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- USD/CAD finds significant bids near 1.3500 as the US Dollar resumes its upside journey.
The pair currently trades last at 1.35443.
The previous day high was 1.3557 while the previous day low was 1.3493. The daily 38.2% Fib levels comes at 1.3518, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3532, expected to provide support.
The USD/CAD pair recovers swiftly as the downside momentum exhausts near the psychological support of 1.3500 in the London session. The Loonie asset rebounds to near 1.3530 as the oil price corrects after printing a fresh 10-month high near $91.00 and the US Dollar Index (DXY) regains control after a nominal correction from a six-month high at 105.40.
S&P500 futures generated nominal losses in the European session, indicating that the risk-on impulse is fading away. The US Dollar Index (DXY) resumes upside as the impact of upbeat economic data from the Chinese economy starts losing its appeal.
China’s annual Industrial Production rose by 4.5% and Retail Sales expanded by 4.6%, outperformed expectations. However, one-time robust economic data is insufficient to warrant economic growth in an economy.
The US Dollar Index prepares for a fresh upside despite the Federal Reserve (Fed) being expected to keep interest rates unchanged at 5.25-5.50% in its monetary policy scheduled for September 20. However, Fed policymakers are expected to keep doors open for further policy tightening as inflation in excess of the desired rate of 2% would be the hardest nut to crack.
Meanwhile, oil prices dropped after failing to continue the three-day winning streak. However, the broader term is still bullish as OPEC sees demand for oil rising on expectations of global recovery. It is worth noting that Canada is the leading exporter of oil to the United States and lower oil prices impact the Canadian Dollar.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3543 at the time of writing. Pair opened at 1.3508 and is trading with a change of 0.26 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3543 |
| 1 | Today Daily Change | 0.0035 |
| 2 | Today Daily Change % | 0.2600 |
| 3 | Today daily open | 1.3508 |
The pair is trading below its 20 Daily moving average @ 1.3576, above its 50 Daily moving average @ 1.3409 , above its 100 Daily moving average @ 1.3403 and above its 200 Daily moving average @ 1.3466
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3576 |
| 1 | Daily SMA50 | 1.3409 |
| 2 | Daily SMA100 | 1.3403 |
| 3 | Daily SMA200 | 1.3466 |
The previous day high was 1.3557 while the previous day low was 1.3493. The daily 38.2% Fib levels comes at 1.3518, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3532, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3482, 1.3456, 1.3419
- Pivot resistance is noted at 1.3546, 1.3583, 1.3609
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3557 |
| Previous Daily Low | 1.3493 |
| Previous Weekly High | 1.3694 |
| Previous Weekly Low | 1.3576 |
| Previous Monthly High | 1.3640 |
| Previous Monthly Low | 1.3184 |
| Daily Fibonacci 38.2% | 1.3518 |
| Daily Fibonacci 61.8% | 1.3532 |
| Daily Pivot Point S1 | 1.3482 |
| Daily Pivot Point S2 | 1.3456 |
| Daily Pivot Point S3 | 1.3419 |
| Daily Pivot Point R1 | 1.3546 |
| Daily Pivot Point R2 | 1.3583 |
| Daily Pivot Point R3 | 1.3609 |
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