(VIANEWS) - The USD/CAD pair trades with a positive bias for the fifth successive day on Wednesday and hovers around the 1.3330 area, or over a one-week high during the Asian session.
FXStreet reported that easing concerns that tensions in the Red Sea will disrupt supplies, along with weak economic data from top importer China, keep Crude Oil prices depressed near a two-week low. This, along with the Bank of Canada (BoC) Governor Tiff Macklem's recent remarks, saying that the central bank could also start cutting rates sometime in 2024, undermines the commodity-linked Loonie and acts as a tailwind for the USD/CAD pair.
USD/CAD (USDCAD) has been up by 1.78% for the last 21 sessions. At 20:06 EST on Wednesday, 3 January, USD/CAD (USDCAD) is $1.33.USD/CAD's yearly highs and lows, it's 1.971% up from its 52-week low and 3.909% down from its 52-week high.
Volatility
USD/CAD's last week, last month's, and last quarter's current intraday variation average was a positive 0.23%, a negative 0.06%, and a positive 0.27%, respectively.
USD/CAD's highest amplitude of average volatility was 0.23% (last week), 0.25% (last month), and 0.27% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, USD/CAD's Forex is considered to be oversold (<=20).
Previous days news about USD/CAD (USDCAD)
- Usd/cad consolidates around mid-1.3200s, holds above multi-month low touched last week. According to FXStreet on Tuesday, 2 January, "The USD/CAD pair struggles to gain any meaningful traction on the first day of a new week and oscillates in a narrow trading band during the Asian session. ", "A further recovery in the US Treasury bond yields assists the US Dollar (USD) in attracting some buyers for the third straight day, which, in turn, is seen as a key factor lending some support to the USD/CAD pair. "
- Usd/cad approaches 1.3300 as US dollar strengthens in a data-packed week. According to FXStreet on Tuesday, 2 January, "The USD/CAD pair prints a fresh weekly high to near 1.3270 in the late European session. "
- Usd/cad sits near one-week top, eyes US macro data and FOMC minutes for fresh impetus. According to FXStreet on Wednesday, 3 January, "This, along with the overnight sharp move higher in the US Treasury bond yields and the cautious market mood, is seen benefiting the safe-haven Greenback and lending some support to the USD/CAD pair.", "This, along with the Bank of Canada (BoC) Governor Tiff Macklem's recent remarks, saying that the central bank could also start cutting rates sometime in 2024, undermines the commodity-linked Loonie and acts as a tailwind for the USD/CAD pair."
- Usd/cad price analysis: maintains its position near 1.3330 ahead of the US key events. According to FXStreet on Wednesday, 3 January, "If the USD/CAD pair manages to pass through the psychological resistance, it may explore further upward movement toward the 38.2% Fibonacci retracement level at 1.3456.", "Traders will likely wait for confirmation implying that the USD/CAD pair could change its direction."
- Usd/cad climbs to near 1.3350 amid firm US dollar ahead of FOMC minutes. According to FXStreet on Wednesday, 3 January, "The USD/CAD pair jumps to near the crucial resistance of 1.3350 in the late London session. "
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