Home Markets USD/CAD rises to fresh daily highs near 1.3100

USD/CAD rises to fresh daily highs near 1.3100

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USD/CAD rises to fresh daily highs near 1.3100
  • USD/CAD gains bullish momentum and rises towards 1.3100 on Tuesday.
  • The dollar outperforms its rivals after the US CPI data.
  • Crude oil prices are trading little changed on the day.

The USD/CAD it has fallen on Tuesday to its lowest level in more than two weeks, near 1.2950, ​​but has reversed its direction at the beginning of the American session. Buoyed by renewed dollar strength, the USD/CAD has risen sharply towards 1.3100 before you start to consolidate your daily earnings. At time of writing, the pair is up 0.65% on the day, trading at 1.3070.

Data released by the US Bureau of Labor Statistics revealed on Tuesday that annual inflation in the US, measured by the CPI consumer price index, fell to 8.3% in August from 8.5% in July. And what is more important, core CPI, which excludes food and energy price volatility, rose to 6.3% from 5.9%, beating market expectations of 6.1%. Following this report, the DXY dollar index erased its weekly losses within minutes and rose above 109.00.

In the meantime, crude oil prices remain relatively calm and allow the valuation of the dollar to drive the action of the pair. A barrel of West Texas Intermediate (WTI) is trading virtually unchanged on the day at $88.15.

Following the release of the US inflation report, the three main Wall Street indices are down between 1.7% and 3%, allowing the dollar to maintain its strength in the second half of the day.

There will be no big impact data releases for the remainder of the day and risk perception could drive the pair’s price action.

USD/CAD technical levels

USD/CAD

Overview
last price today 1.3073
Today I change daily 0.0084
Today’s daily variation in % 0.65
Daily opening today 1.2989
Trends
daily SMA20 1.3035
daily SMA50 1.2957
daily SMA100 1.2895
daily SMA200 1.2786
levels
Previous daily high 1.3049
Previous Daily Low 1.2964
Previous Weekly High 1.3209
Previous Weekly Low 1.2982
Previous Monthly High 1.3141
Previous Monthly Low 1.2728
Daily Fibonacci of 38.2%. 1.2996
Fibonacci 61.8% daily 1.3017
Daily Pivot Point S1 1.2952
Daily Pivot Point S2 1.2915
Daily Pivot Point S3 1.2867
Daily Pivot Point R1 1.3038
Daily Pivot Point R2 1.3086
Daily Pivot Point R3 1.3123

Source: Fx Street

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