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2020-04-20

USD - CAD is rising to 1,4100 in the midst of fresh risk, WTI weakness

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With WTI falling to the lowest since 1999, during Monday's Asian session, USD / CAD takes the bids to 1.4075, up 0.55 per cent on a day. While initially taking risks

USD / CAD takes out the bids, snapping the losing streak for two days.

WTI has been falling to the lowest since 1999, in the face of demand-supply concerns.

Risk-off renewal after updates on fresh coronavirus.

U.S. and Canada second-tier data will join news for fresh direction on the virus.

While initial risk-off seems to have triggered the early-Asian fall of the Loonie pair, the latest news of Canada's mass shootings and the plunge in oil prices could have called for further downside.

While describing Canada's deadliest attack in years, the Washington Post came out with news suggesting at least 10 dead, including gunman.

On the other hand, US economic restart odds appear to dwindle after the Reuters tally suggesting more than 40,000 death tolls and 744,000 infections in the US keeping it as the global hotspot.

Nonetheless, US President Donald Trump is dropping the hint for another aid package while also suggesting talks on Monday between Vice President Mike Pence and state governors.

Risk-tone remains heavy with US 10-year Treasury Yields falling from one base point (bp) to 0.645 percent with Japan's NIKKEI dropping by more than 1.0 percent to 19.690 by the time of press.

Traders will keep an eye on the US and Canada virus updates as well as second-tier data, namely the Chicago Fed National Activity Index and Wholesale Sales.

Technical analysis

Buyers are still awaiting a clear break for fresh entry above the 21 day SMA level of 1.4100.

Additional important levels

Overview
Today last price 1.4073
Today Daily Change 73 pips
Today Daily Change % 0.52%
Today daily open 1.4
 
Trends
Daily SMA20 1.4098
Daily SMA50 1.3774
Daily SMA100 1.3457
Daily SMA200 1.3339
 
Levels
Previous Daily High 1.4118
Previous Daily Low 1.3999
Previous Weekly High 1.4182
Previous Weekly Low 1.3856
Previous Monthly High 1.4668
Previous Monthly Low 1.3315
Daily Fibonacci 38.2% 1.4045
Daily Fibonacci 61.8% 1.4073
Daily Pivot Point S1 1.396
Daily Pivot Point S2 1.392
Daily Pivot Point S3 1.3842
Daily Pivot Point R1 1.4079
Daily Pivot Point R2 1.4158
Daily Pivot Point R3 1.4198

 

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