- USD/CAD is set to reclaim its yearly high around 1.3870 even though the USD index is under pressure.
- US monthly core PCE accelerated to an expected pace of 0.3% in September versus 0.1%.
- Oil prices fall from $85.00 despite escalating tensions in the Middle East.
The pair USD/CAD is approaching a yearly high around 1.3870 as global oil prices retreat after failing to rise above the crucial resistance at $85.00. USD/CAD gains almost 0.15%, at the time of writing, despite a sell-off in the US Dollar. The pair strengthened despite a sharp drop in the Dollar Index (DXY) indicating that the Canadian Dollar is significantly weak.
The S&P 500 opens on a positive note, but struggles to gain a foothold, as the overall market mood is one of risk appetite, amid a focus on Middle East tensions. Investors see a new escalation in Middle East conflicts, as the Pentagon reported that the US military carried out airstrikes against bases in eastern Syria.
The dollar index fell vertically to near 106.30, as the US core Personal Consumption Expenditure (PCE) price index report is insufficient to influence the widely anticipated unchanged monetary policy decision by the Federal Reserve ( Fed) on November 1. US monthly core PCE accelerated to a forecast 0.3% pace in September, up from 0.1% growth in August. Annual core PCE rose 3.7%, but slowed from 3.9% in August.
According to CME’s Fedwatch tool, traders see the Fed almost certain to keep interest rates unchanged at 5.25%-5.50%. The odds of a further interest rate hike at either of the two remaining monetary policy meetings in 2023 have fallen sharply to 20%.
Meanwhile, investors continue to dump the Canadian dollar amid falling oil prices. It must be taken into account that Canada is the main exporter of oil to the United States and that the rise in oil prices is a support for the Canadian dollar.
USD/CAD
Overview | |
---|---|
Latest price today | 1.3846 |
Daily change today | 0.0015 |
Today’s daily variation | 0.11 |
Today’s daily opening | 1.3831 |
Trends | |
---|---|
daily SMA20 | 1.3683 |
daily SMA50 | 1.36 |
SMA100 daily | 1.3439 |
SMA200 daily | 1.3477 |
Levels | |
---|---|
Previous daily high | 1.3844 |
Previous daily low | 1,379 |
Previous weekly high | 1.3741 |
Previous weekly low | 1.3606 |
Previous Monthly High | 1.3694 |
Previous monthly low | 1.3379 |
Daily Fibonacci 38.2 | 1.3823 |
Fibonacci 61.8% daily | 1.3811 |
Daily Pivot Point S1 | 1.3799 |
Daily Pivot Point S2 | 1.3768 |
Daily Pivot Point S3 | 1.3745 |
Daily Pivot Point R1 | 1.3853 |
Daily Pivot Point R2 | 1.3876 |
Daily Pivot Point R3 | 1.3907 |
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.