- The loonie comes up during the American session.
- USD / CAD trades at new daily lows even as DXY rises to test monthly highs.
The USD / CAD it weakened after the release of economic data for the United States and Canada. It recently bottomed at 1.2354, a new daily low. It recently rallied to 1.2390 after the dollar rose to new highs across the board, and is moving around 1.2380, modestly bearish for the day.
The loonie strengthens after Canadian data
The loonie is performing better on Wednesday and is among the few currencies that are trading higher against the dollar. The DXY is up 0.25%, trading above 92.20. At the same time, US yields are falling sharply.
Canadian economic data contributes to the strength of the CAD. Real GDP growth in April beat expectations and inflation indicators released on Wednesday showed an acceleration from previous months.
In the US, ADP’s employment report showed a private payroll increase of 692,000, above the 600,000 expected. Chicago’s PMI fell more than expected to 66.1. PMIs will be released on Thursday as well as jobless claims data. The key report will be Friday’s NFP.
Technical levels
USD / CAD
| Panorama | |
|---|---|
| Today’s Last Price | 1.2396 |
| Today’s Daily Change | -0.0006 |
| Today’s Daily Change% | -0.05 |
| Today’s Daily Opening | 1.2402 |
| Trends | |
|---|---|
| SMA of 20 Daily | 1.2227 |
| SMA of 50 Daily | 1.2207 |
| SMA of 100 Daily | 1.2397 |
| 200 SMA Daily | 1.2681 |
| Levels | |
|---|---|
| Daily Previous Maximum | 1.2403 |
| Daily Previous Minimum | 1.2332 |
| Weekly Preview Maximum | 1.2487 |
| Weekly Prior Minimum | 1.2252 |
| Monthly Previous Maximum | 1.2352 |
| Minimum Previous Monthly | 1.2013 |
| Daily Fibonacci 38.2% | 1.2376 |
| Daily Fibonacci 61.8% | 1.2359 |
| Daily Pivot Point S1 | 1.2355 |
| Daily Pivot Point S2 | 1.2308 |
| Daily Pivot Point S3 | 1.2284 |
| Daily Pivot Point R1 | 1.2426 |
| Daily Pivot Point R2 | 1.245 |
| Daily Pivot Point R3 | 1.2497 |
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