- USD/CAD has already lost more than 100 points this Wednesday.
- The fall in crude oil prices does not appear to affect the CAD for the time being.
The pair USD/CAD came under strong bearish pressure on Wednesday and fell to a fresh daily low of 1.3525 during European trading hours. As of this writing, the pair lost 0.85% on the day, trading at 1.3555.
Widespread US dollar weakness on Wednesday forced USD/CAD lower. Following Tuesday’s recovery, the dollar index fell more than 0.5% on the day, near 104.00. The improving risk climate, as reflected by the 0.5% rise in S&P Futures, appears to be hurting the safe-haven dollar as investors await key macroeconomic data releases.
Meanwhile, crude oil prices fell sharply for the second day in a row on Wednesday. After losing almost 4% on Tuesday, West Texas Intermediate is down almost 3% a barrel on the day, trading slightly below $75. For now, however, the market valuation of the US dollar continues to drive the pair’s action as the commodity-related Canadian dollar does not appear to be paying attention to oil prices.
Technical levels to consider
USD/CAD
Overview | |
---|---|
Last price today | 1.3553 |
Today Change Daily | -0.0117 |
today’s daily variation | -0.86 |
today’s daily opening | 1,367 |
Trends | |
---|---|
daily SMA20 | 1.3607 |
daily SMA50 | 1.3526 |
daily SMA100 | 1.3459 |
daily SMA200 | 1.3133 |
levels | |
---|---|
previous daily high | 1.3685 |
previous daily low | 1.3523 |
Previous Weekly High | 1.3612 |
previous weekly low | 1.3484 |
Previous Monthly High | 1.3705 |
Previous monthly minimum | 1.3385 |
Fibonacci daily 38.2 | 1.3623 |
Fibonacci 61.8% daily | 1.3585 |
Daily Pivot Point S1 | 1.3566 |
Daily Pivot Point S2 | 1.3463 |
Daily Pivot Point S3 | 1.3404 |
Daily Pivot Point R1 | 1.3729 |
Daily Pivot Point R2 | 1.3788 |
Daily Pivot Point R3 | 1.3891 |
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.