USD/CAD Daily Price Forecast – The Loonie Failed to Breach the Robust 1.3450 Levels

The USD/CAD pair opened up near the 1.3447 levels in the Asian trading session. In the early hours, the Loonie fell flat and marked the day’s low near 1.3413 level. This lowest vicinity level had last touched on May 3. At around 04:45 GMT, the USD/CAD pair shifted upwards, later creating fresh highs near 1.3436 levels.

Meanwhile, the USD Index slipped to 97.39 levels during the Asian session, which dropped the Loonie. The Greenback is a significant currency index computed against six rival currencies. The weakening of Greenback started since yesterday after the Trump mentioned about US tariff hikes. Over to the events section, today the US economic data is expected to remain bearish. The Fed‘s Quarles speech is the most influencing event on the Loonie today. Hence, the market stays tuned for further news on the Fed’s Vice Chairman for Supervision statements over the US economy.

The Crude Oil WTI Futures remained consolidated near the 62.40 levels in the morning today.

On Monday, the US had tightened the oil sanctions over Iranian crude exports. The Oil market experienced some tensions following this news. Hence, the Oil prices continued to hover near 62.20/40 levels even today.

USD/CAD Significant Events

CAD Specific Events

At 14:00 GMT, following April events are

Ivey Purchasing Managers Index s .a.: The consensus estimates the numbers to come around  53.0 points to the prior 54.3 points

Ivey Purchasing Managers Index: The previous figures stood near 57.6 points.

USD Specific Events

12:55 GMT

Redbook Index (Both MoM & YoY) computed since May 3

The previous reports recorded the YoY & MoM near 5.5 percent and 1.2 percent respectively.

14:00 GMT

JOLTS Job Openings

The analysts estimate a hike in the prior numbers and to appear near 7.240 million.

15:35 GMT

Fed’s Quarles speech (Mid Volatile)

The Vice Chairman for Supervision of the Federal Reserve Board of Governors will address today. His speech may remain volatile over the pair and cause it to increase or decrease.

19:00 GMT

Consumer Credit Change for March

The street analyst anticipates the numbers to increase with 810 million and come around 61 billion dollars.

20:30 GMT

API Crude Oil Stock Weekly

The previous data recorded around 6.81 million.

Technical Analysis

1-Hour Chart

The USD/CAD pair was trading near 1.3435 level at 08:00 GMT. The pair stood in the lower vicinity of the Keltner Channel (KC).  And, this portrayed a bearish outlook of the market sentiments. The Relative Strength Index (RSI) recorded near 46.6 level in the Asian trading session. The RSI alluded a medium-level of buying among the Loonie traders.

4-Hour Chart

The pair was above the significant 100-days Simple Moving Average (SMA) and 200-days SMA. And, this signaled for a long term bull call. Meantime, the 50-days SMA stood above the pair developing a bearish stance.

The USD/CAD pair remained in the lower vicinity of the Central Line of Bollinger Bands (BB). Hence, this interpreted a bearish stance over the pair. The Relative Strength Index hovered above 40 marks, indicated a moderate buying in the market.