- USD / CAD fell to a new two-week low on Thursday.
- The dollar remains weak after the Federal Reserve meeting.
- The focus shifts to US data, which includes Q2 GDP.
After closing in negative territory on Wednesday, USD / CAD continues to push lower amid widespread dollar weakness. The pair fell to 1.2449 on Thursday, the lowest level in two weeks and then had a slight rebound. It is trading around 1.2465 / 70. on its way to the lowest daily close since July 12 and below the 20-day moving average.
DXY falls to monthly lows
The US Federal Reserve decided to leave its policies unchanged, as expected, after its July meeting. However, during the press conference, FOMC Chairman Jerome Powell took a cautious tone, noting that they will be patient with regard to reducing stimulus. Powell’s dovish comments triggered a dollar sell-off and the US Dollar Index (DXY) fell below 92.00 for the first time since June 29. On Thursday the DXY is still downhill and is trading just above 92.00.
Later on Thursday, the US Bureau of Economic Analysis will release its first estimate of annualized growth in Gross Domestic Product for the second quarter. Investors expect the data to show an expansion of 8.6%. At the same time, the weekly report of requests for unemployment benefits will be published.
Meanwhile, the price of a barrel of West Texas Intermediate (WTI) remains in a tight range above $ 72 on Thursday, clinging to recent gains; which gives a support to the loonie.
Technical levels to take into account
USD / CAD
| Overview | |
|---|---|
| Today last price | 1.247 |
| Today I change daily | -0.0061 |
| Today daily change% | -0.49 |
| Today they open every day | 1.2531 |
| Trends | |
|---|---|
| Daily SMA20 | 1.2525 |
| SMA50 daily | 1.2321 |
| SMA100 daily | 1.2369 |
| SMA200 daily | 1.2605 |
| Levels | |
|---|---|
| Previous Daily High | 1.2605 |
| Previous Daily Low | 1.2516 |
| Previous weekly high | 1.2808 |
| Previous Weekly Low | 1.2526 |
| Previous monthly maximum | 1.2487 |
| Previous Monthly Low | 1.2007 |
| Daily Fibonacci 38.2% | 1.255 |
| Daily Fibonacci 61.8% | 1.2571 |
| Daily Pivot Point S1 | 1.2496 |
| S2 daily pivot point | 1.2462 |
| S3 Daily Pivot Point | 1.2407 |
| R1 daily pivot point | 1.2585 |
| Daily pivot point R2 | 1.2639 |
| R3 daily pivot point | 1.2674 |
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