(VIANEWS) – The USD/CAD currency pair closed the first week of trading in negative territory. On Tuesday, it edged up during European trading hours and hit a new daily high of 1.2593. The market action has turned subdued before the American session and continues to consolidate its gains
FXStret reported Monday’s 0.3% drop in the US Dollar Index (DXY), due to falling US Treasury bond yields. As evidenced by the modest losses in European equity indexes (major European equity indexes), the cautious mood in markets is helping to find demand for the greenback. The DXY currently stands in positive territory at 92.70.
The US Census Bureau will release its June Durable Goods Orders statistics. On a monthly basis, investors anticipate a 2.1 percent gain. Nonetheless, market reaction is expected to be modest, with investors focusing on the FOMC’s policy statements on Wednesday.
USD/CAD (USDCAD) is currently on bullish momentum. At 07:11 EST on Wednesday, 28 July, USD/CAD (USDCAD) is at 1.2573, 1.97% up since the last session’s close.
USD/CAD (USDCAD) Range
About USD/CAD’s daily highs and lows, it’s 2.203% up from its trailing 30 days low of $1.23 and 1.773% down from its trailing 30 days high of $1.28.
USD/CAD’s yearly highs and lows, it’s 4.705% up from its 52-week low and 6.576% down from its 52-week high.
USD/CAD’s last week, last month’s, and last quarter’s current volatility was 0.11%, 0.09%, and 0.66%, respectively.
USD/CAD’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 0.48% (last week), 0.49% (last month), and 0.66% (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).
Last news about USD/CAD (USDCAD)
Usd/cad flirts with daily tops, just below 1.2600 mark. According to FXStreet on Tuesday, 27 July, “This, along with the disappointing release of the US Durable Goods Orders data, undermined the USD and exerted some pressure on the USD/CAD pair.”, “The USD/CAD pair reversed an early North American dip to mid-1.2500s and rallied back to the top end of its daily trading range. ”
Usd/cad price analysis: drops back below 1.2600, HMA confluence in focus. According to FXStreet on Wednesday, 28 July, “Should USD/CAD bears keep reins past 1.2525, June’s top surrounding 1.2485-90 will be in the spotlight.”, “Even if the USD/CAD buyers manage to cross the 1.2635 resistance line, a seven-day-old descending trend line near 1.2685 offers an additional challenge for them.”
Usd/cad steps back from 200-dma on oil’s recovery, focus on Canada cpi, FOMC. According to FXStreet on Wednesday, 28 July, “Though, China’s crackdown on IT and tuition sectors join the comparatively hawkish Bank of Canada (BOC) that the Fed to weigh on the USD/CAD prices.”, “Although the pre-Fed trading lull can keep USD/CAD pressured, likely softening in Canada’s headline inflation numbers for June may restrict the pair’s downside. ”
Usd/cad price analysis: bears challenge 38.2% fibonacci retracement. According to FXStreet on Wednesday, 28 July, “On the daily chart, the USD/CAD pair has been taking strong support near the 1.2550 level with multiple bottom formations.”, “Next, the USD/CAD bears would aim for the 50% Fibonacci retracement, which extends from the low of 1.2129, at 1.2477.”
Usd/cad spikes to 1.2600 neighbourhood, lacks follow-through. According to FXStreet on Tuesday, 27 July, “In fact, WTI crude oil has now slipped back below the $72.00/barrel, which undermined the commodity-linked loonie and was seen as another factor that provided an additional boost to the USD/CAD pair.”, “The USD/CAD pair caught some aggressive bids during the early European session and shot to fresh daily tops in the last hour, with bulls now eyeing to conquer the 1.2600 mark.”
News about USD/JPY
Usd/jpy is tracking US 10-year yields into support structure. According to FXStreet on Tuesday, 27 July, “At the time of writing, USD/JPY is attempting to stabilise fromthe loss of the session (110.26) at 110.30 although is pressured by US yields swooping lower in Tokyo.”
Usd/jpy pares intraday losses, down little around 110.30 region. According to FXStreet on Monday, 26 July, “This, in turn, took its toll on the global risk sentiment, which benefitted the safe-haven Japanese yen and exerted pressure on the USD/JPY pair.”, “The USD/JPY pair maintained its offered tone through the early European session, albeit has managed to trim a part of the intraday losses and was last seen trading around the 110.30-25 region.”
According to FXStreet on Tuesday, 27 July, “The comments did little to influence the Japanese yen, which remains well supported by the risk-off impulse in the market and momentarily dragged the USD/JPY pair below the key 110.00 psychological mark.”
Usd/jpy price analysis: bulls set to extend gains beyond 110.55. According to FXStreet on Monday, 26 July, “On the daily chart, the USD/JPY pair has risen sharply from the low of 109.06 to touch the high of 110.59 on Friday. “, “The USD/JPY pair will make the next move towards Friday’s low of 110.08 followed by the 109.85 horizontal support level.”
Usd/jpy slides to fresh session lows, around 110.30-25 region. According to FXStreet on Monday, 26 July, “Nevertheless, the outcome will play a key role in influencing the USD price dynamics and help investors to determine the next leg of a directional move for the USD/JPY pair, warranting caution for bearish traders.”, “The USD/JPY pair extended its steady intraday descent through the Asian session on Monday and dropped to fresh daily lows, around the 110.30-25 region in the last hour.”
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