- USD / CAD fell to a new weekly low below 1.2600 on Tuesday.
- The oil rally continues to help the CAD gather strength.
- The US dollar index is quiet around 93.00 in the US session.
The USD / CAD pair extended its decline during US trading hours on Tuesday and hit its lowest level since August 17 at 1.2576. At time of writing, the pair is trading at 1.2600, shedding 0.35% on the day.
WTI rises above $ 67
The decisive rally observed in crude prices since the beginning of the week is providing a boost to the loonie related to commodities. A barrel of West Texas Intermediate, which gained nearly 6% after improving market sentiment on Monday, is currently up 3.15% on the day at $ 67.60.
On the other hand, the US dollar index (DXY) is fluctuating in a relatively tight range, allowing the CAD valuation to affect USD / CAD movements.
Earlier in the day, data from the United States revealed that new home sales rose 1% monthly in July. This reading was better than the market’s expectation of a 2.7% decline, but it did not help the USD find demand. At the moment, the DXY is practically unchanged on the day at 92.95.
There will be no high-level data release to appear on the Canadian economic docket on Wednesday. July durable goods orders from the United States will be scrutinized for new catalysts.
Technical levels to take into account
USD / CAD
| Overview | |
|---|---|
| Today last price | 1.2603 |
| Today I change daily | -0.0057 |
| Today daily change% | -0.45 |
| Today they open every day | 1.266 |
| Trends | |
|---|---|
| Daily SMA20 | 1.2576 |
| SMA50 daily | 1.2497 |
| SMA100 daily | 1.2377 |
| SMA200 daily | 1.2553 |
| Levels | |
|---|---|
| Previous Daily High | 1.2834 |
| Previous Daily Low | 1.2643 |
| Previous weekly high | 1.2949 |
| Previous Weekly Low | 1.2512 |
| Previous monthly maximum | 1.2808 |
| Previous Monthly Low | 1.2303 |
| Daily Fibonacci 38.2% | 1.2716 |
| Daily Fibonacci 61.8% | 1.2761 |
| Daily Pivot Point S1 | 1.2591 |
| S2 daily pivot point | 1.2521 |
| S3 Daily Pivot Point | 1.24 |
| R1 daily pivot point | 1.2782 |
| Daily pivot point R2 | 1.2903 |
| R3 daily pivot point | 1.2972 |
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