untitled design

USD/CAD registers new lows below 1.3525 in a session of few markets

  • The dollar resumes its downtrend and falls to intraday lows near 1.3500.
  • The Canadian dollar appreciates amid a moderate rebound in oil prices.
  • USD/CAD is about to end the year with a 7% appreciation.

The USD resumed its downtrend against its Canadian counterpart and explores fresh intraday lows below 1.3525 on the last trading day of the year, with the market in a pre-holiday mood.

Canadian dollar advances amid moderate rebound in oil prices

The Lonie gains some ground during the European session on Friday, supported by a slight recovery in crude oil prices and a weak US dollar.

Oil prices have rallied to the $78.50 area in morning European trade, after rebounding from today’s session lows of $77.75. However, from a broader perspective, crude oil continues to trade sideways, weighed down by concerns about the prospects for demand.

On the other hand, the dollar continues to decline despite the moderate rise in US Treasury Bonds. Weekly unemployment figures released Thursday showed an increase of 9,000 to 225,000 for the week of December 24, while continuing claims rose to 1.71 million from 1.669 million the same week, adding pressure to a dollar. already weak.

USD/CAD is about to close the year with an appreciation of 7

The USD is poised to close the year 7% above its opening levels. The pair appreciated steadily during the first half of the year, buoyed by the Federal Reserve’s aggressive tightening path and investor concerns about a global economic slowdown.

However, in recent months, growing speculation about a US recession and signs of a slowdown in the Fed’s tightening cycle have led to a decline of nearly 3% from a two-year high of 1 .3970 registered in October.

Technical levels to watch

USD/CAD

Overview
Last price today 1.3524
Today Change Daily -0.0019
today’s daily variation -0.14
today’s daily opening 1.3543
Trends
daily SMA20 1.3604
daily SMA50 1.3529
daily SMA100 1.3437
daily SMA200 1.3116
levels
previous daily high 1.3611
previous daily low 1.3538
Previous Weekly High 1.3704
previous weekly low 1.3563
Previous Monthly High 1.3808
Previous monthly minimum 1.3226
Fibonacci daily 38.2 1.3566
Fibonacci 61.8% daily 1.3583
Daily Pivot Point S1 1.3517
Daily Pivot Point S2 1.3491
Daily Pivot Point S3 1.3444
Daily Pivot Point R1 1,359
Daily Pivot Point R2 1.3637
Daily Pivot Point R3 1.3663

Source: Fx Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular