The USDCAD pair continues to increase in value at a rate of 1.35492, due to the decline in the price of crude oil.
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- USD/CAD extends gains as an effect of the drop in Crude oil price.
The pair currently trades last at 1.35492.
The previous day high was 1.3565 while the previous day low was 1.3513. The daily 38.2% Fib levels comes at 1.3545, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3533, expected to provide support.
USD/CAD treads water to continue its winning streak, hovering around 1.3550 during the early trading hours in the European session on Wednesday. The USD/CAD currency pair experiences upward pressure due to the drop in crude oil prices, attributed to concerns over the global economic slowdown and hopes of China’s fiscal stimulus decline.
EUR/USD traders await the upcoming releases of preliminary PMI data for August from the United States (US) along with monthly figures of Canada’s Retail Sales in June. These datasets could provide insights into the economic situations of both countries, offering fresh impetus for placing trades in the USD/CAD pair. The market participants will also closely watch the upcoming Jackson Hole annual symposium starting on Thursday, followed by Fed Chair Powell’s speech scheduled to be held on Friday.
The US Dollar Index (DXY), gauging the Greenback’s strength against six key currencies, shows resilience by continuing the winning streak despite the correction in United States (US) Treasury yields. The 10-year US bond yields dropped to 4.26%, down by almost 1.80% in two days. At the time of writing, the DXY is trading higher near 103.70.
However, data released on Tuesday revealed that downbeat US housing data put pressure on the US Dollar (USD). As said, the annual US Existing Home Sales declined 2.2% to the figure of 4.07M in July, below the market consensus of 4.15M. The Richmond Fed Manufacturing Index improved in August from -9 to -7, as expected.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3554 at the time of writing. Pair opened at 1.355 and is trading with a change of 0.03 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3554 |
| 1 | Today Daily Change | 0.0004 |
| 2 | Today Daily Change % | 0.0300 |
| 3 | Today daily open | 1.3550 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3401, 50 SMA 1.329, 100 SMA @ 1.3387 and 200 SMA @ 1.3456.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3401 |
| 1 | Daily SMA50 | 1.3290 |
| 2 | Daily SMA100 | 1.3387 |
| 3 | Daily SMA200 | 1.3456 |
The previous day high was 1.3565 while the previous day low was 1.3513. The daily 38.2% Fib levels comes at 1.3545, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3533, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.352, 1.3491, 1.3468
- Pivot resistance is noted at 1.3573, 1.3595, 1.3625
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3565 |
| Previous Daily Low | 1.3513 |
| Previous Weekly High | 1.3575 |
| Previous Weekly Low | 1.3437 |
| Previous Monthly High | 1.3387 |
| Previous Monthly Low | 1.3093 |
| Daily Fibonacci 38.2% | 1.3545 |
| Daily Fibonacci 61.8% | 1.3533 |
| Daily Pivot Point S1 | 1.3520 |
| Daily Pivot Point S2 | 1.3491 |
| Daily Pivot Point S3 | 1.3468 |
| Daily Pivot Point R1 | 1.3573 |
| Daily Pivot Point R2 | 1.3595 |
| Daily Pivot Point R3 | 1.3625 |
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