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USD/CAD appears to be like to shut under 1.3150 on oil rally, dovish Fed

Fed says that it’s going to keep affected person on additional price hikes. US Greenback Index falls sharply on the dovish shift within the language. WTI settles above $54 on Wednesday.

The USD/CAD pair prolonged its day by day slide and slumped to its lowest stage since early November at 1.3118 earlier than recovering modestly towards the top of the NA session. As of writing, the pair was down greater than 100 pips on the day at 1.3146.

Though the buck began to assemble power on the again of the upbeat ADP non-public sector employment report earlier within the session, the foreign money got here below heavy promoting stress because the FOMC adopted a dovish tone in its coverage assertion and Chairman Powell confirmed the cautious stance. Commenting on as we speak’s FOMC occasion, “The response to the Fed resolution often lasts past the primary hours. As analysts pore into the info and as their evaluation items pour out, additional responses might comply with. There isn’t a “hawkish silver lining” right here,” stated FXStreet analyst Yohay Elam.

In the meantime, the commodity-sensitive loonie took benefit of the rising crude oil costs on Wednesday and outperformed its rivals. With as we speak’s EIA report from the U.S. displaying a smaller-than-expected improve in crude oil shares, the barrel of West Texas Intermediate rose to its highest stage in additional than two months earlier than settling 1.73% greater at $54.23.

Key technical ranges

USD/CAD

Overview:
    Right this moment Final Value: 1.3146
    Right this moment Day by day change %: -1.01%
    Right this moment Day by day Open: 1.328
Traits:
    Day by day SMA20: 1.3311
    Day by day SMA50: 1.338
    Day by day SMA100: 1.3215
    Day by day SMA200: 1.3125
Ranges:
    Earlier Day by day Excessive: 1.3287
    Earlier Day by day Low: 1.324
    Earlier Weekly Excessive: 1.3378
    Earlier Weekly Low: 1.3224
    Earlier Month-to-month Excessive: 1.4134
    Earlier Month-to-month Low: 1.316
    Day by day Fibonacci 38.2%: 1.3269
    Day by day Fibonacci 61.eight%: 1.3258
    Day by day Pivot Level S1: 1.3251
    Day by day Pivot Level S2: 1.3222
    Day by day Pivot Level S3: 1.3205
    Day by day Pivot Level R1: 1.3298
    Day by day Pivot Level R2: 1.3315
    Day by day Pivot Level R3: 1.3344

 


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