USD/CAD remains poised to extend losses below 1.2650 as USD soften, oil rebound

USD/CAD extends the previous session’s losses on Tuesday.
US Dollar Index fell near 93.00 amid improved risk appetite, delay in Fed’s taper talks.
The Canadian dollar gained a strong rebound in oil prices.

Rekha Chauhan Independent Analyst

The selling pressure in the US dollar pushes the USD/CAD pair on the lower edge during the initial Asian trading session on Tuesday.

At the time of writing, USD/CAD is trading at 1.2655, down 1.29% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six major currencies, losses track and slips near 93.00 in the wake of delayed Fed taper’s talk.

On the other hand, the Canadian dollar gained amid the sharp rebound in crude oil prices.

Oil prices currently rising almost 6% on the day at $65.50, which capped the downside for the loonie. Oil is one of Canada’s major export commodities.

The Canadian dollar was weighed down by the weaker Retail Sales data, which slightly missed expectations with a 4.2% rise in June.

As for now, traders are waiting for the US Existing Home Sales data to trade fresh trading impetus.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.2656
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.266

Trends
Daily SMA20	1.2576
Daily SMA50	1.2497
Daily SMA100	1.2377
Daily SMA200	1.2553

Levels
Previous Daily High	1.2834
Previous Daily Low	1.2643
Previous Weekly High	1.2949
Previous Weekly Low	1.2512
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2716
Daily Fibonacci 61.8%	1.2761
Daily Pivot Point S1	1.2591
Daily Pivot Point S2	1.2521
Daily Pivot Point S3	1.24
Daily Pivot Point R1	1.2782
Daily Pivot Point R2	1.2903
Daily Pivot Point R3	1.2972

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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