(VIANEWS) – USD/CAD failed to capitalise on Friday’s small recovery gains of two-and-a-half weeks lows. On the first trading day, there was a range-bound/subdued price action.
FXStreet confirmed that many investors believe that the Fed will maintain its ultra-loose monetary policy for a longer time. The US dollar fell to its lowest level in one month, and this, combined with positive sentiment around equity markets, was a major headwind for USD/CAD.
USD/CAD (USDCAD) is currently on bearish momentum. At 12:06 EST on Tuesday, 3 August, USD/CAD (USDCAD) is at 1.2542, 1.47% down since the last session’s close.
USD/CAD (USDCAD) Range
About USD/CAD’s daily highs and lows, it’s 0.869% up from its trailing 14 days low of $1.24 and 1.096% down from its trailing 14 days high of $1.27.
USD/CAD’s yearly highs and lows, it’s 4.447% up from its 52-week low and 6.542% down from its 52-week high.
USD/CAD’s last week, last month’s, and last quarter’s current volatility was 0.06%, 0.19%, and 0.64%, 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 0.17% (last week), 0.46% (last month), and 0.64% (last quarter), respectively.
Last news about USD/CAD (USDCAD)
Usd/cad retreats to 1.2500 as oil consolidates biggest losses in two weeks. According to FXStreet on Tuesday, 3 August, “A two-week-old descending resistance line precedes 21-DMA, respectively around 1.2500 and 1.2540, to challenge short-term USD/CAD upside, a break of which could confirm the pair’s run-up to the 200-DMA surrounding 1.2595-2600. “, “Given the black gold’s heavy share in Canadian export income, a 2.8% daily loss helped USD/CAD even as the US dollar registered broad weakness on Monday. ”
Usd/cad: recovery remains capped below 1.2500 as oil pokes 13-day top. According to FXStreet on Sunday, 1 August, “Looking forward, a light calendar in the US and Canada keeps USD/CAD traders directed towards oil price moves and risk catalysts for fresh impulse.”, “Amid these plays, S&P 500 Futures print 0.33% gains by the press time but the 0.12% intraday gains of oil favor the USD/CAD sellers by the press time.”
Usd/cad price analysis: bulls face strong resistance near 1.2550. According to FXStreet on Tuesday, 3 August, “A daily close below the mentioned level could mean more weakness in USD/CAD toward the 1.2400 horizontal support level.”, “A break and daily close above the ascending bullish slope line would encourage USD/CAD bulls to recoup the high of July 28 at 1.2604 followed by the 1.2650 horizontal resistance level.”
Usd/cad holds steady above 1.2500 mark, lacks follow-through. According to FXStreet on Tuesday, 3 August, “Meanwhile, a modest uptick in crude oil prices underpinned the commodity-linked loonie and further acted as a headwind for the USD/CAD pair. “, “Apart from this, traders might further take cues from oil price dynamics for some short-term opportunities around the USD/CAD pair.”
Usd/cad price analysis: bears need acceptance below 1.2420 to keep reins. According to FXStreet on Monday, 2 August, “Given the downbeat RSI line and limited capacity to hold 200-SMA, until a descending resistance line from July 19, USD/CAD bears are likely to remain dominant.”, “In a case where the USD/CAD remains bullish past 1.2605, 1.2675 may offer an intermediate halt during the run-up to challenge July’s high near 1.2810.”
News about EUR/USD
Eur/usd pares daily gains, steadies around 1.1870. According to FXStreet on Monday, 2 August, “The EUR/USD pair advanced higher toward 1.1900 during the European trading hours on Monday but failed to preserve its bullish momentum. “, “Earlier in the day, the risk-positive market environment made it difficult for the greenback to find demand helped EUR/USD push higher. ”
Eur/usd: positive eurozone economic surprises offer support for the euro – MUFG. According to FXStreet on Monday, 2 August, “The euro has continued to trade at stronger levels at the start of this week after staging a modest rebound at the end of last month which lifted EUR/USD to an intra-day high of 1.1909 on Friday. “, “We expect EUR/USD to stabilize around the 1.2000-level heading into year-end.”
According to FXStreet on Sunday, 1 August, “The EUR/USD pair flirted with 1.1900, as local GDP surpasses expectations in Q2. ”
Eur/usd price analysis: portrays bearish set-up on d1 below 1.1900. According to FXStreet on Sunday, 1 August, “As 1.1830 offers immediate support to the quote, a downside break of which will direct EUR/USD towards the previous month’s low near 1.1750 and firm-up bearish bias.”, “Alternatively, a confluence of the stated EMA and 61.8% Fibonacci retracement of March-May upside near 1.1920 will shrug off the bearish signals and pushing the EUR/USD prices towards late June’s swing high surrounding 1.1975.”
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