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USD/CAD recovers to 1.3450 region as Greenback rebounds

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USD/CAD recovers to 1.3450 region as Greenback rebounds

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New update 2023.09.20 03:59
USD/CAD recovers to 1.3450 region as Greenback rebounds

update 2023.09.20 03:59

  • The USD/CAD is trying to recover the day’s losses after getting knocked lower.
  • The Loonie is catching support from steadily-rising oil costs.
  • The USD/CAD is recovering towards the 50% retrace of the day’s declines.

The USD/CAD started Tuesday in freefall, declining from the day’s open near 1.3480 and tapping into 1.3380. Rising oil prices are bolstering the Loonie (CAD), as concerns over global supply constraints knock crude barrel costs into the ceiling.

Despite the Loonie-led dip, the USD/CAD is recovering into the middle ground. Greenback (USD) traders are keeping light on their feet as the next showing from the Federal Reserve (Fed) rounds the corner.

Fed to hold on rates, but investors to watch the rhetoric

The Fed’s latest rate call will be dropping on markets on Wednesday, with the Fed’s rate call and ensuing press conference scheduled for 18:00 GMT tomorrow.

The Fed is broadly expected to stand pat on rates for the time being, holding benchmark rates at 5.5%. The Federal Open Market Committee (FOMC) will also be publishing their economic projections and inflation outlook figures, something that investors will be scrambling to process.

It’s a light economic calendar week for the CAD, and market momentum will be firmly in the hands of crude oil and Greenback traders.

USD/CAD technical outlook

The USD/CAD is drifting into the middle in late Tuesday trading, testing the waters near 1.3450 after the early session’s fast drop.

The pair declined 0.72% from Tuesday’s opening prices near 1.3475, but the mid-day recovery sees the pair nearing the 68% retracement of the day’s drop.

Rapidly increasing crude prices has sent the USD/CAD lower on the daily candlesticks, with the pair set to close in the red for seven of the last eight consecutive trading days.

The Dollar-Loonie pair has slid past the 200-day Simple Moving Average (SMA) in Tuesday’s trading. Continued selling pressure will see the pair challenging the last swing low near 1.3100, while an upside recovery will have to reclaim the 1.3700 handle to establish a determined uptrend.

USD/CAD daily chart

USD/CAD technical levels


Today last price 1.3441
Today Daily Change -0.0045
Today Daily Change % -0.33
Today daily open 1.3486
Daily SMA20 1.3572
Daily SMA50 1.3418
Daily SMA100 1.3402
Daily SMA200 1.3464
Previous Daily High 1.3528
Previous Daily Low 1.3472
Previous Weekly High 1.3639
Previous Weekly Low 1.3493
Previous Monthly High 1.364
Previous Monthly Low 1.3184
Daily Fibonacci 38.2% 1.3493
Daily Fibonacci 61.8% 1.3507
Daily Pivot Point S1 1.3463
Daily Pivot Point S2 1.3439
Daily Pivot Point S3 1.3406
Daily Pivot Point R1 1.3519
Daily Pivot Point R2 1.3552
Daily Pivot Point R3 1.3576





 : 2023.09.20


Last updated

 : 2023.09.20

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