- 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
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.