USDCAD Pair Cross Rate falls under 1.3750 mark, extending declines notwithstanding decreasing crude oil pricing.
Highlights
The USDCAD pair is under pressure owing to the lower US currency, amid rising US government bond rates.
The fall in Oil rates, due to reduced instability in the Arabian Peninsula, has slowed the CAD’s rising pace.
The U.S dollar’s adverse impact could be restricted as comments from Fed members imply a bullish view on Fed policy easing.
USDCAD Fall Despite Falling US WTI Rates
The USDCAD pair fell for a fourth successive period, staying near 1.3720 during mark Asian session. This negative shift may be linked to the US dollar muted showing amid rising US bond rates. Nevertheless, the USD versus CAD unit’s downward possibility may be restricted given statements by US Fed members indicating an evolution into an additional harsh posture.
Yet, CAD advances could be limited owing to falling prices for crude oil. Given Canadian position as the top crude supplier to the USA. The WTI, trades at $81.501 mark, marking a 0.66 percent fall on Monday, when it reached the time of this writing.
US dollar (DXY) Outlook and Review
The DXY would probably be a closely monitored exchange prior to the week’s initial forecast for U.S GDP & PCE price index statistics.
Investors continue to be in control. We remain rising more than 5 percent year to far. Having Apr on course to conclude stronger for a fourth straight period, gaining 1.5 percent month to date. Technically, there is room for even more greater success.
On a regular schedule, the previous week’s swings in prices refreshed year to date peaks at 106.52 mark That signaled a retreat in the latter part of the work week to test previous support around 105.75 mark. From above, a tiny, but possibly productive, region of barrier stretches from 106.89 then 106.78 level. Featuring a gap revealing the Oct. 2023 summits mentioned prior to an extra layer that provides every day barrier at 107.61 mark.
US WTI Crude Oil Price Movement
The price change on the typical timescale ended the week with supporting around $81.69 mark with opposition at $85.20level.
The 200 & 50 D-MAs, at $79.82 & $80.88 mark respectively closer to present stability. Apart from the MAs, there isn’t much supporting under present level till $77.56. Which follows closely with an upward channelled supporting zone that extends from the trough of $67.73. Should we fall beneath there, support on a monthly basis lurks around $75.39 mark, which is accompanied with a slight Fib clustering.
USDCAD Daily Technical Indicators & Signals
| Name | Value | Action |
| RSI(14) | 59.827 | Buy |
| STOCH(9,6) | 68.117 | Buy |
| STOCHRSI(14) | 36.471 | Sell |
| MACD(12,26) | 0.006 | Buy |
| ADX(14) | 29.520 | Sell |
| Williams %R | -32.794 | Buy |
| Name | Value | Action |
| CCI(14) | 37.0414 | Neutral |
| ATR(14) | 0.0072 | Less Volatility |
| Highs/Lows(14) | 0.0000 | Neutral |
| Ultimate Oscillator | 51.099 | Buy |
| ROC | 1.479 | Buy* |
| Bull/Bear Power(13) | 0.0037 | Buy |
Daily Pivots
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.3715 | 1.3727 | 1.3733 | 1.3745 | 1.3751 | 1.3763 | 1.3769 |
| Fibonacci | 1.3727 | 1.3734 | 1.3738 | 1.3745 | 1.3752 | 1.3756 | 1.3763 |
| Camarilla | 1.3734 | 1.3736 | 1.3737 | 1.3745 | 1.3741 | 1.3742 | 1.3744 |
| Woodie’s | 1.3713 | 1.3726 | 1.3731 | 1.3744 | 1.3749 | 1.3762 | 1.3767 |
| DeMark’s | – | – | 1.3730 | 1.3743 | 1.3748 |
