USD/CAD bounces back towards 1.2850 as USD stabilizes

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  • The US dollar recovers during the American session, the DXY continues to decline strongly.
  • The Canadian dollar is among the weakest currencies on Tuesday despite rising crude prices.
  • USD/CAD finds support above 1.2800.

The USD/CAD bounced higher and pulled back from losses on Tuesday, after the dollar gained momentum during the American session. The pair posted a new daily high at 1.2854 and is hovering around 1.2845. On Tuesday it bottomed at 1.2805, the lowest level since May 5th.

The US dollar fell sharply amid risk appetite. Over the past few hours, the USD clawed back after US yields turned higher and US stocks trimmed gains. US 10-year Treasury yields rose from 2.90% to 2.97% and the 30-year yield from 3.11% to 3.16%. The Dow Jones is up 0.55%, or 165 points, and down 200 points from the high.

US economic data beat expectations. Retail sales rose 0.9% in April, vs. 0.7% market consensus (March figures revised higher). Industrial production advanced 1.1%, above the 0.5% expected by analysts. The figures helped the dollar.

The loonie also fell against the Australian and New Zealand dollars, despite the rise in crude oil prices. The broad market correction boosted NZD/CAD and AUD/CAD.

Bounce from the 20-day SMA

USD/CAD’s decline from the highest level in over a year found support above the 1.2800 area. The rebound brought the price back above the 20-day SMA at 1.2835. A daily close below the line could open the doors to a retest of 1.2800. The next support lies at 1.2770 and 1.2720.

If USD/CAD sustains above the 20-day SMA, attention will turn to the next resistance at 1.2855, followed by 1.2870 and 1.2905.

Technical levels

USD/CAD

Panorama
Last Price Today 1.2841
Today’s Daily Change -0.0004
Today’s Daily Change % -0.03
Today’s Daily Opening 1.2845
Trends
20 Daily SMA 1.2824
50 Daily SMA 1.2696
100 Daily SMA 1,269
200 Daily SMA 1.2654
levels
Previous Daily High 1.2982
Previous Daily Minimum 1.2836
Previous Maximum Weekly 1.3077
Previous Weekly Minimum 1.2893
Monthly Prior Maximum 1,288
Previous Monthly Minimum 1.2403
Daily Fibonacci 38.2% 1.2892
Daily Fibonacci 61.8% 1.2926
Daily Pivot Point S1 1.2793
Daily Pivot Point S2 1.2742
Daily Pivot Point S3 1.2648
Daily Pivot Point R1 1.2939
Daily Pivot Point R2 1.3033
Daily Pivot Point R3 1.3084

Source: Fx Street

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