#USDCAD @ 1.35459 grinds near the highest levels in three weeks amid downbeat risk profile. (Pivot Orderbook analysis)
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- USD/CAD grinds near the highest levels in three weeks amid downbeat risk profile.
- WTI crude oil fades demand-driven upside amid challenges to sentiment, fears of recession.
- US Dollar bounces off one-week low during four-day downtrend.
The pair currently trades last at 1.35459.
The previous day high was 1.3567 while the previous day low was 1.3523. The daily 38.2% Fib levels comes at 1.355, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.354, expected to provide support.
USD/CAD clings to mild gains around 1.3550 as it makes rounds to the highest levels in three weeks, marked the previous day, amid early hours of Tuesday morning in Europe. In doing so, the Loonie pair cheers the US Dollar’s latest rebound, as well as justifies the WTI crude oil price’s pullback, amid sluggish trading hours.
It’s worth noting, however, that the risk-off mood, mainly driven by the fears of US debt ceiling expiration and the Federal Reserve’s (Fed) dovish hike, seems to weigh on the sentiment. Adding strength to the sour sentiment are the geopolitical fears surrounding Russia and China, as well as the market’s cautious mood ahead of this week’s top-tier growth and inflation data. China’s alleged support to Moscow in fighting with Ukraine joins the Western readiness to increase sanctions on the Oil-rich nation to weigh on sentiment.
Amid these plays, S&P 500 Futures print mild losses near 4,155 as it snaps a two-day uptrend after mixed closing of the Wall Street benchmarks. On the other hand, the US Treasury bond yields highlight the rush for risk safety as the benchmark 10-year bond coupons drop to 3.48% at the latest. More importantly, the difference between the one-month and the three-month US Treasury bond yields widen the most since 2001 as the coupons flash 3.48% and 4.98% mark of late.
On a different page, the US Dollar Index (DXY) licks its wounds at a one-week low, mildly offered near 101.30, whereas WTI crude oil braces for the first daily loss in three, up 0.10% intraday near $78.70 by the press time.
In addition to the risk catalysts, the Bank of Canada’s (BoC) comparatively more dovish stance than the Federal Reserve (Fed) keeps the USD/CAD buyers hopeful. Even so, today’s US Conference Board’s (CB) Consumer Confidence gauge for April, expected to remain steady near 104.1 versus 104.2 prior, will be important for the intraday directions.
Monday’s Doji candlestick joins the USD/CAD pair’s repeated failure to cross the 50-DMA hurdle, around 1.3575 by the press time, to challenge the Loonie pair buyers.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3554 at the time of writing. Pair opened at 1.354 and is trading with a change of 0.1 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3554 |
| 1 | Today Daily Change | 0.0014 |
| 2 | Today Daily Change % | 0.1000 |
| 3 | Today daily open | 1.3540 |
The pair is trading above its 20 Daily moving average @ 1.3474, below its 50 Daily moving average @ 1.3571 , above its 100 Daily moving average @ 1.3529 and above its 200 Daily moving average @ 1.3414
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3474 |
| 1 | Daily SMA50 | 1.3571 |
| 2 | Daily SMA100 | 1.3529 |
| 3 | Daily SMA200 | 1.3414 |
The previous day high was 1.3567 while the previous day low was 1.3523. The daily 38.2% Fib levels comes at 1.355, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.354, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.352, 1.3499, 1.3475
- Pivot resistance is noted at 1.3564, 1.3588, 1.3609
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3567 |
| Previous Daily Low | 1.3523 |
| Previous Weekly High | 1.3563 |
| Previous Weekly Low | 1.3343 |
| Previous Monthly High | 1.3862 |
| Previous Monthly Low | 1.3508 |
| Daily Fibonacci 38.2% | 1.3550 |
| Daily Fibonacci 61.8% | 1.3540 |
| Daily Pivot Point S1 | 1.3520 |
| Daily Pivot Point S2 | 1.3499 |
| Daily Pivot Point S3 | 1.3475 |
| Daily Pivot Point R1 | 1.3564 |
| Daily Pivot Point R2 | 1.3588 |
| Daily Pivot Point R3 | 1.3609 |
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