USD / CAD stabilizes around 1.2550, seems to close for the third day in a row higher

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  • USD / CAD rose to its highest level since July 28 at 1.2576 on Tuesday.
  • WTI is trading deep in negative territory near $ 70.
  • Canada’s Markit Manufacturing PMI fell to 56.2 in July.

The pair USD / CAD It gained traction early in the US session and reached its highest level in five days at 1.2576 before entering a consolidation phase. At the time of writing, the pair was up 0.35% on the day at 1.2552.

CAD weakens as crude prices plummet

Falling crude prices amid mounting concerns about the delta variant of the coronavirus crippling the recovery in energy demand weighed heavily on the commodity-sensitive loonie on Tuesday. A barrel of West Texas Intermediate (WTI), which fell below $ 70 for the first time in two weeks, was down 1.6% at the time of writing this report towards $ 70.35.

Meanwhile, data from Canada revealed that Markit’s Manufacturing PMI fell to 56.2 in July from 56.5 in June.

On the other hand, the dollar remains resilient against its main rivals and allows the market valuation of the CAD to drive the action of USD / CAD.

The US Census Bureau reported Tuesday that factory orders rose 1.5% monthly in June, beating the market’s expectation of a 1% increase. On a negative note, the IBD / TIPP economic optimism index fell to 53.6 in August from 54.3.

On Wednesday, the ADP job change and the US ISM services PMI will be seen for further momentum.

Technical levels to take into account

USD / CAD

Overview
Today last price 1.2548
Today I change daily 0.0040
Today daily change% 0.32
Today they open every day 1.2508
Trends
Daily SMA20 1.2541
SMA50 daily 1.2347
SMA100 daily 1.2369
SMA200 daily 1.2595
Levels
Previous Daily High 1.2515
Previous Daily Low 1.2453
Previous weekly high 1.2605
Previous Weekly Low 1.2422
Previous monthly maximum 1.2808
Previous Monthly Low 1.2303
Daily Fibonacci 38.2% 1.2491
Daily Fibonacci 61.8% 1.2477
Daily Pivot Point S1 1.2469
S2 daily pivot point 1.243
S3 Daily Pivot Point 1.2408
R1 daily pivot point 1.2531
Daily pivot point R2 1.2554
R3 daily pivot point 1.2593

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