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    USD/CAD could test 1.3600 amid lower Crude oil prices, risk-off sentiment

    Source Fxstreet
    Mar 27, 2024 03:42
    • USD/CAD could gain grounds on risk aversion ahead of US PCE due on Friday.
    • WTI oil price depreciates as the API Weekly Crude Oil Stock increased.
    • The expectations of the US Fed initiating rate cuts could weaken the US Dollar.

    USD/CAD halts its two-day losing streak, edging higher to near 1.3590 during the Asian session on Wednesday. The US Dollar (USD) is exhibiting strength, while lower Crude oil prices are contributing to downward pressure on the Canadian Dollar (CAD). This dynamic is bolstering the USD/CAD pair.

    Western Texas Intermediate (WTI) oil price edges lower to near $80.70, by the press time. This decline in WTI price is attributed to the increase in API Weekly Crude Oil Stock for the week ending on March 22, with 9.337 million barrels against the previous decrease of 1.519 million barrels.

    Bank of Canada (BoC) Senior Deputy Governor Carolyn Rogers has cautioned about Canada's low productivity resulting from inadequate investment, competition, and the underutilization of skills among new Canadians. Additionally, Rogers has highlighted concerns that the current inflation situation could pose a more significant threat than it has in recent decades.

    The US Dollar Index (DXY) experienced its second consecutive day of gains amid a risk-off sentiment, driven by anticipation surrounding the upcoming release of US Personal Consumption Expenditures (PCE) scheduled for Friday. However, the decline in US Treasury yields may be attributed to the expectations surrounding the US Federal Reserve (Fed) regarding potential rate cuts. This sentiment could potentially limit the advances of the US Dollar.

    Atlanta Fed President Raphael Bostic has expressed his expectation for just one rate cut this year, cautioning against reducing rates prematurely due to the potential for increased disruption. On the other hand, Chicago Fed President Austan Goolsbee aligns with the majority of the board, anticipating three cuts.

    USD/CAD

    Overview
    Today last price 1.3596
    Today Daily Change 0.0012
    Today Daily Change % 0.09
    Today daily open 1.3584
     
    Trends
    Daily SMA20 1.3538
    Daily SMA50 1.3503
    Daily SMA100 1.3502
    Daily SMA200 1.3491
     
    Levels
    Previous Daily High 1.3591
    Previous Daily Low 1.3553
    Previous Weekly High 1.3614
    Previous Weekly Low 1.3456
    Previous Monthly High 1.3606
    Previous Monthly Low 1.3366
    Daily Fibonacci 38.2% 1.3567
    Daily Fibonacci 61.8% 1.3576
    Daily Pivot Point S1 1.3561
    Daily Pivot Point S2 1.3538
    Daily Pivot Point S3 1.3523
    Daily Pivot Point R1 1.3599
    Daily Pivot Point R2 1.3614
    Daily Pivot Point R3 1.3637

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    NZD/USD Price Analysis: Defends crucial support of 0.5860The NZD/USD pair turns sideways slightly below 0.5900 in Friday’s European session after recovering sharply from the crucial support of 0.5860.
    Source  Fxstreet
    The NZD/USD pair turns sideways slightly below 0.5900 in Friday’s European session after recovering sharply from the crucial support of 0.5860.
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    Source  Fxstreet
    NZD/USD continues to gain ground for the second consecutive day, hovering around 0.5930 during the early European session on Thursday.
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    Australia unemployment rate expected to rise back to 3.9% in March as February boost fadesAustralia will publish its monthly employment report first thing Thursday.
    Source  Fxstreet
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