|Day's Range||0.74 - 0.742|
|52 Week Range||0.7284 - 0.7855|
The US Dollar Index touched the pinnacle near 97.85 levels on Euro plunge. EIA reported higher crude inventory data, dragging down the oil prices. The BoC decided to keep the interest rates unchanged. The Aussie pair stood on the back foot amid poor CPI figures.
The loonie pair recorded new monthly levels. The Crude Oil WTI Futures showed a moderate performance. The pair traded well above the 200-days significant SMA triggering a bull call. The US-Sino trade reported positive updates giving support to the growing loonie.
Along with the greenback upliftment, the primary rival (EUR/USD) which always benefits from a dollar plunge, dropped significantly. Crude WTI Futures traded at a new high near $66.60 per barrel elevating the commodity-linked CAD. USD/JPY lost 30 pips in a matter of a few minutes.
During the early hours, the USD/CAD rallied benefitting on the back of greenback elevation. The pair had broken the 200-days SMA and traded above it, inviting more loonie bulls. Investors eye the upcoming Canadian Feb Wholesales figures and the US housing data reports.
The price of oil, one of Canada's major exports, rose to its highest since October on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports. U.S. crude oil futures settled 2.7% higher at $65.70 a barrel. "We all know how correlated the Canadian dollar is with crude oil," said Erik Bregar, head of FX strategy at the Exchange Bank of Canada.
The Market remained silent in the middle of insufficient economic data on Easter Monday. The Cable was down, still sustained near 1.1300 levels. Oil price upsurged on the news suggesting Iranian sanction waiver rejection, making the loonie pair tumble further.
On Monday, the Oil upsurge underpinned reports on Iran sanctions waiver rejection, pushed the commodity-linked pair downwards. The technicals also support the bearish trend for the USD/CAD.
The loonie bulls rose slightly amid rising crude prices. The USD/CAD stood well above the significant 200-days SMA developing a bullish outlook.
With the major financial markets closed for the day, volumes will be on the lighter side. U.S housing data will be the only numbers for the Dollar to respond to.
The AUD/USD enjoyed a 0.39 percent boost in the Asian session following strong employment data. The Cable underwent extended slump even in the absence of Brexit headlines.
This time, the CAD Retails numbers are expected to report positive data to the prior negative numbers. Loonie continued to remain subdued within the range of 1.3282/1.3402 levels since April 1.
The loonie touched the month low near 1.3272 levels amid influential Canadian CPI figures. GBP/USD doused in plunge as events came out below-expectation. This time, the EIA reported a negative US Crude Inventory data.
The USD/CAD may find a way to recover previous losses post-release of the bearish-expected Canadian CPI Core data. The Major 200-day SMA stood above the pair inviting more loonie bears.
The Dollar’s on the back foot following stats out of China this morning. It may not last though if there’s a resolution to the trade war…
China data was skewed to the positive. Whilst failing to spur the equity markets, the EUR and the Aussie Dollar benefited.
At 3:09 p.m. (1909 GMT), the Canadian dollar was trading 0.1% higher at 1.3352 to the greenback, or 74.90 U.S. cents. The price of oil, one of Canada's major exports, rose as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply. U.S. crude oil futures settled 1% higher at $64.05 a barrel.
The EUR/USD showcased a seesawed performance during the day. AUD/USD plunged in the Asian session after the announcement of RBA’s dovish monetary comments. The loonie pair fell off to 1.3350 levels over weaker reports and crude upliftment.
Lowering Crude prices added the extra fuel to the loonie pair upsurge. Greenback anticipates the US March Industrial Numbers.
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The US-Sino trade concerns to end soon sets the market mood. Greenback rebounded losses on the backdrop of surprising NY April Empire State Manufacturing Index. GBP/USD steadies amid Brexit headlines.
Crude Oil WTI Futures dropped to a five-day low price amid higher US Oil output growth. Upcoming US April NY Manufacturing Index and BoC’s Business Outlook may provide some support to the falling pair.
The greenback fell in the Asian session but was underway recovery in the latter half. Crude upshot invited the Ruble bulls. EUR/USD amassed weekly gains above 1.1300 levels.
The pair continues to stay sustained in the range-bound area between 1.3285 and 1.3398 levels for the April month. More downside for USD/CAD is however anticipated with crude upliftment to come in Q2’19.
With the rise in the greenback, the plummet in the major rival currencies weighed against it was quite imminent. AUD/USD suffered substantial pullback during the day. GBP/USD seems to have already discounted the Flextension news.