The USD/CAD pair extends its downside near 1.3695 despite lower crude oil prices. However, the downside of the pair might be capped by strong US economic data and the Fed’s hawkish comments. Investors will keep an eye on the US S&P Global Purchasing Managers Index (PMI) ahead of US Gross Domestic Product (GDP) and US Core Personal Consumption Expenditures (PCE) later this week.
Many Fed policymakers agreed with the idea of keeping borrowing costs at the current level, given the slow and bumpy progress on inflation and the robust US economy. New York Fed President John Williams said he doesn't feel urgency to cut interest rates, given the strength of the economy. Chicago Fed Austan Goolsbee stated that the Fed's current restrictive monetary policy is appropriate due to the robust US economic data. The high-for-longer rate narrative in the USD might lift the greenback against its rivals. The Core US PCE might offer some hints about the further confirmation that progress against inflation has stalled.
On the Loonie front, data released from Statistics Canada revealed that Canadian Industrial Produce Prices were in line with market expectations, easing by 0.8% MoM in March from the previous month’s 1.1% (revised upward from 0.7%). Meanwhile, the decline of WTI prices exerts some selling pressure as Canada is the largest oil exporter to the United States. Canada’s Retail Sales will be released on Thursday, which is estimated to improve to 0.1% MoM in February from a decrease of 0.3% in January.
Overview | |
---|---|
Today last price | 1.3692 |
Today Daily Change | -0.0009 |
Today Daily Change % | -0.07 |
Today daily open | 1.3701 |
Trends | |
---|---|
Daily SMA20 | 1.3646 |
Daily SMA50 | 1.3574 |
Daily SMA100 | 1.3496 |
Daily SMA200 | 1.3531 |
Levels | |
---|---|
Previous Daily High | 1.3753 |
Previous Daily Low | 1.3687 |
Previous Weekly High | 1.3846 |
Previous Weekly Low | 1.3724 |
Previous Monthly High | 1.3614 |
Previous Monthly Low | 1.342 |
Daily Fibonacci 38.2% | 1.3712 |
Daily Fibonacci 61.8% | 1.3728 |
Daily Pivot Point S1 | 1.3674 |
Daily Pivot Point S2 | 1.3647 |
Daily Pivot Point S3 | 1.3607 |
Daily Pivot Point R1 | 1.374 |
Daily Pivot Point R2 | 1.378 |
Daily Pivot Point R3 | 1.3807 |
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