• Mon. May 20th, 2024

USD/CAD stretches lower to near 1.3530 on improved Crude oil prices


Featured Brokers


Min. Deposit: 100 USD

Regulated: NFA, CFTC

Broker Type: ECN, STP


Min.Deposit: $100

Regulated: CySEC

Broker Type: ECN, STP


Min.Deposit: $1

Regulated: ASIC, IFSC

Broker Type: ECN, STP


Min.Deposit: 1 USD

Regulated: FSA, CySEC

Broker Type: STP

  • USD/CAD moves lower on a subdued US Dollar.
  • The decline in the US bond yields has weakened the Greenback.
  • The higher WTI price is supporting the Canadian Dollar.

USD/CAD retraces its recent gains reported in the previous two sessions, trading lower around 1.3530 during the European session on Tuesday. The US Dollar (USD) is experiencing some depreciation attributed to subdued US Treasury yields, which is exerting pressure on the USD/CAD pair. Furthermore, the Canadian Dollar (CAD) is receiving support from increased Crude oil prices, contributing to its strengthening against the US Dollar.

The US Dollar Index (DXY) loses ground after reporting profits in the previous two sessions. The DXY trades slightly lower around 104.40, which could be attributed to the weaker US Treasury yields. The 2-year and 10-year yields on US bonds stand at 4.44% and 4.14%, respectively, at the time of writing.

December’s PPI (YoY) reported a decline of 10.6%, against the anticipated decrease of 10.5% and the previous figure of 8.8%. While US ISM Services Prices Paid increased to the reading of 64.0 in January, from December’s reading of 56.7.

Federal Reserve (Fed) Chair Jerome Powell remarked that it was premature to think about easing monetary policy, emphasizing the importance of steering inflation toward its 2% target. He added that the Federal Reserve might initiate its first rate cut from the middle of the year.

West Texas Intermediate (WTI) oil price improves to near $73.00 per barrel on escalated tension in the Middle East. The WTI oil price might have supported the CAD, consequently, putting downward pressure on the USD/CAD pair. Furthermore, Canada’s Ivey Purchasing Managers Index data will be eyed on Tuesday, along with the BoC Governor Tiff Macklem’s speech.


Today last price 1.3532
Today Daily Change -0.0008
Today Daily Change % -0.06
Today daily open 1.354
Daily SMA20 1.3449
Daily SMA50 1.3427
Daily SMA100 1.3553
Daily SMA200 1.3477
Previous Daily High 1.3544
Previous Daily Low 1.346
Previous Weekly High 1.3476
Previous Weekly Low 1.3359
Previous Monthly High 1.3542
Previous Monthly Low 1.3229
Daily Fibonacci 38.2% 1.3512
Daily Fibonacci 61.8% 1.3492
Daily Pivot Point S1 1.3486
Daily Pivot Point S2 1.3431
Daily Pivot Point S3 1.3402
Daily Pivot Point R1 1.3569
Daily Pivot Point R2 1.3599
Daily Pivot Point R3 1.3653


On Key

Related Promotion