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USD/CAD struggles to pull away from 1.33 handle ahead of FOMC minutes

Written by By Eren Sengezer | 2019-10-09 12:56:52 GMT
  • Crude oil prices rebound on Wednesday on renewed trade optimism.
  • US Dollar Index moves sideways around the 99 handle.
  • Coming up: The Federal Open Market Committee (FOMC) will release September meeting minutes. 

The USD/CAD pair came under modest selling pressure on Wednesday as recovering crude oil prices helped the commodity-sensitive Loonie gather strength against its major rivals. As of writing, the pair was trading at 1.3308, losing 0.12% on a daily basis.

Crude oil prices reverse direction on trade optimism

Wednesday's headlines surrounding the United States (US)-China trade dispute revived hopes of the sides reaching a deal before causing the conflict to escalate any further. The Financial Times reported that China was ramping up agricultural imports from the United States with an aim to ease the tension ahead of Thursday's high-level negotiations and Bloomberg claimed that China was ready to make an interim deal despite White House's blacklisting of Chinese technology firms.

The improved market sentiment also helped crude oil prices to start recovering this week's losses. The barrel of West Texas Intermediate (WTI), which dropped to $51.80 on Tuesday, was last seen trading at $53.10, adding 1.05% on a daily basis. Later in the session, the Energy Information Administration (EIA) will release its weekly crude oil stock report.

Meanwhile, the US Dollar Index is fluctuating in a relatively tight band near the 99 handle as investors refrain from making large bets ahead of key events.

Federal Open Market Committee (FOMC) Chairman Jerome Powell will be delivering a speech at 15:00 GMT. Later in the US evening, the FOMC will release the minutes of its September meeting. 

Previewing this event, “Minutes from the latest FOMC meeting will be released tonight. This will give insights into the discussion about the need for further accommodation," noted Danske Bank analysts.

"However, the meeting took place before the recent weak US service PMI that points to some spill-over to US consumers and the service sector.”

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3316
Today Daily Change -0.0009
Today Daily Change % -0.07
Today daily open 1.3325
 
Trends
Daily SMA20 1.3267
Daily SMA50 1.3263
Daily SMA100 1.3248
Daily SMA200 1.3291
 
Levels
Previous Daily High 1.3338
Previous Daily Low 1.3288
Previous Weekly High 1.3349
Previous Weekly Low 1.3205
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3318
Daily Fibonacci 61.8% 1.3307
Daily Pivot Point S1 1.3296
Daily Pivot Point S2 1.3267
Daily Pivot Point S3 1.3246
Daily Pivot Point R1 1.3346
Daily Pivot Point R2 1.3367
Daily Pivot Point R3 1.3396

 

 

Author

By Eren Sengezer
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