USD/CAD continues to lose ground on the subdued US Dollar, trades near 1.3560

  • USD/CAD extends its losses for the third consecutive day as the US Dollar halts its gains.
  • WTI price hovers with a positive sentiment on resilience in the US economy.
  • FOMC embarks on its two-day policy meeting on Tuesday; US CPI for November will also be eyed.

USD/CAD continues its losing streak for the third successive day as the US Dollar Index (DXY) turns negative post two days of gains. The USD/CAD pair trades lower around 1.3560 during the Asian session on Tuesday. Moreover, Crude oil prices hold steady after a three-day winning streak, potentially providing support for the Canadian Dollar (CAD).

West Texas Intermediate (WTI) trades near $71.70 per barrel during the Asian session on Tuesday. Oil prices saw an upswing following last week’s data release, signaling a level of resilience in the United States (US) economy.

However, Crude oil prices could encounter challenges due to ongoing concerns about global demand, especially with weak economic data from China, the world’s largest oil importer, and other major economies. Additionally, worries persist about oversupply, despite production cuts imposed by OPEC+ members.

The US Dollar Index (DXY) loses ground amid stable US Treasury yields. The DXY bids lower below 104.00 at the time of writing. The US Dollar gained momentum from robust employment figures in the United States (US).

As the Federal Open Market Committee (FOMC) embarks on its two-day monetary policy meeting on Tuesday, the consensus expectation is for interest rates to remain unchanged. Market participants will closely scrutinize the statement for any indications regarding potential rate adjustments in the coming year.

Additionally, Tuesday will be marked by the release of the US Consumer Price Index (CPI) report for November, offering insights into potential paths for monetary policy. In Canada, the Bank of Canada (BoC) Governor Tiff Macklem’s appearance is scheduled for Friday. This event could be significant, and market participants will likely pay close attention to any insights or comments regarding the Canadian economic outlook and monetary policy.


Today last price1.3564
Today Daily Change-0.0008
Today Daily Change %-0.06
Today daily open1.3572
Daily SMA201.3631
Daily SMA501.369
Daily SMA1001.3587
Daily SMA2001.3517
Previous Daily High1.3605
Previous Daily Low1.355
Previous Weekly High1.362
Previous Weekly Low1.348
Previous Monthly High1.3899
Previous Monthly Low1.3541
Daily Fibonacci 38.2%1.3571
Daily Fibonacci 61.8%1.3584
Daily Pivot Point S11.3547
Daily Pivot Point S21.3521
Daily Pivot Point S31.3492
Daily Pivot Point R11.3601
Daily Pivot Point R21.363
Daily Pivot Point R31.3655

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