USD/CAD remains subdued around 1.3650 due to higher crude prices, disappointing US PMI

Source Fxstreet
Apr 24, 2024 03:48
  • USD/CAD faces challenges due to improved risk sentiment, driven by easing geopolitical tensions in the Middle East.
  • The US Dollar lost ground after the release of downbeat US PMI data released on Tuesday.
  • The Canadian Dollar receives support from the uptick in crude Oil prices.

USD/CAD continues its losing streak that began on April 17, trading around 1.3660 during the Asian session on Wednesday. The pair receives downward pressure due to the downbeat US Dollar (USD), which could be attributed to the disappointing Purchasing Managers Index (PMI) data from the United States (US) released on Tuesday.

In April, the preliminary S&P Global Composite PMI for the US declined to 50.9 from the previous reading of 52.1. Additionally, the Manufacturing PMI fell to 49.9 from 51.9 in the previous reading, below the estimated 52.0. Similarly, the Services PMI decreased to 50.9, compared to the prior 51.7, falling short of the expected 52.0.

In Canada, the uptick in crude Oil prices contributes upward support to the Canadian Dollar (CAD), given the fact that Canada is the largest crude Oil exporter to the United States (US). West Texas Intermediate (WTI) Oil price trades around $83.20 per barrel, by the press time.

Crude Oil prices have advanced following industry data indicating an unexpected decrease in US crude stocks last week, signaling positive demand dynamics. Attention has shifted away from tensions in the Middle East. The American Petroleum Institute (API) reported a 3.23 million barrels decline in weekly crude Oil stocks for the week ending April 19, contrary to the expected increase of 1.80 million barrels and the previous week's increase of 4.09 million barrels.

Canadian Industrial Product Price Index rose by 0.8% in March, in line with expectations and slightly lower than the previous month's upwardly revised figure of 1.1%. Additionally, the New Housing Price Index remained unchanged in March, against forecasts of a 0.1% increase, with the year-over-year NHPI declining by 0.4%. Investors will keep an eye on Canadian Retail Sales data due on Wednesday.

USD/CAD

Overview
Today last price 1.3664
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.3663
 
Trends
Daily SMA20 1.365
Daily SMA50 1.3576
Daily SMA100 1.3497
Daily SMA200 1.3534
 
Levels
Previous Daily High 1.3714
Previous Daily Low 1.3656
Previous Weekly High 1.3846
Previous Weekly Low 1.3724
Previous Monthly High 1.3614
Previous Monthly Low 1.342
Daily Fibonacci 38.2% 1.3678
Daily Fibonacci 61.8% 1.3692
Daily Pivot Point S1 1.3641
Daily Pivot Point S2 1.362
Daily Pivot Point S3 1.3583
Daily Pivot Point R1 1.37
Daily Pivot Point R2 1.3736
Daily Pivot Point R3 1.3758

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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