- Collapsing crude oil prices leading the CAD straight down the charts.
- Traders will be tensing ahead of Wednesday's FOMC rate call and statement.
Although the US Dollar continues to see broad-market weakness, the CAD is getting dragged by the nose down the charts by free-falling crude oil prices, and USD/CAD clipping into the 1.3500 major handle late on Tuesday. The pair is now trading back into 1.3450, but lack of buying interest in crude oil markets is seeing the Loonie slip even further against the greenback.
Wednesday sees the FOMC delivering their latest rate call and monetary policy statement, and the major event will see markets coiling ahead of what is expected to be one last rate hike for 2018, while markets will be looking out for changes to the FOMC's rhetoric, with investors afraid that the US Fed will be knocked off their current three-hike dot-plot on slumping global growth figures.
USD/CAD Technical Levels
Today Last Price: 1.3456
Today Daily change: -23 pips
Today Daily change %: -0.171%
Today Daily Open: 1.3479
Previous Daily SMA20: 1.3318
Previous Daily SMA50: 1.3198
Previous Daily SMA100: 1.3106
Previous Daily SMA200: 1.3033
Previous Daily High: 1.3498
Previous Daily Low: 1.3391
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3457
Previous Daily Fibonacci 61.8%: 1.3432
Previous Daily Pivot Point S1: 1.3414
Previous Daily Pivot Point S2: 1.3349
Previous Daily Pivot Point S3: 1.3307
Previous Daily Pivot Point R1: 1.3521
Previous Daily Pivot Point R2: 1.3562
Previous Daily Pivot Point R3: 1.3627
Source: https://www.fxstreet.com/news/usd-cad-e ... 1812190240