The USD/CAD begins to pick up bids as investors focus on the positive impacts of recent events in Japan and the stock market. The US Dollar benefits from declines seen in bonds and stocks, while oil prices weaken amid fears over China’s economy. Retail sales data from Canada is expected to provide another impetus for currency traders this week.
Rephrase The US Dollar holds onto its gains around $13.700 as the US Dollar reverses its losses heading into Tuesday’s European session. The Loonie pair is also up today due to a decline in Canada’s main export, namely WTI crude oil
That said, the US Dollar Index (DXY) picks up bids to pare recent losses around 104.50 as the Treasury bond yields rally on the Bank of Japan’s (BOJ) surprise. Recently, the BOJ tweaked its policy to widen the Yield Curve Control (YCC) measures while keeping the monetary policy unchanged.
Technical analysis
A daily closing beyond the 1.3700 hurdles, comprising multiple tops marked in the last two weeks, becomes necessary for the USD/CAD bulls to aim for the previous monthly high near 1.3810. Otherwise, a pullback towards the 50-DMA support of 1.3557 can’t be ruled out.
ADDITIONAL IMPORTANT LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 1.3695 |
| Today Daily Change | 0.0039 |
| Today Daily Change % | 0.29% |
| Today daily open | 1.3656 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.3538 |
| Daily SMA50 | 1.356 |
| Daily SMA100 | 1.3378 |
| Daily SMA200 | 1.3077 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.3698 |
| Previous Daily Low | 1.3623 |
| Previous Weekly High | 1.3705 |
| Previous Weekly Low | 1.3518 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3652 |
| Daily Fibonacci 61.8% | 1.367 |
| Daily Pivot Point S1 | 1.362 |
| Daily Pivot Point S2 | 1.3584 |
| Daily Pivot Point S3 | 1.3545 |
| Daily Pivot Point R1 | 1.3695 |
| Daily Pivot Point R2 | 1.3734 |
| Daily Pivot Point R3 | 1.377 |
