USD CAD Today - The US Dollar Index (DXY) has temporarily retreated from recent one-month support around 103.80. The Dollar Index has also fallen to a six-month low, keeping traders cautious ahead of several central bank policy announcements.

Today's USD/CAD News Points:

  • USD/CAD takes bid to post first daily gain after falling from weekly low
  • Treasury yields rebound allows US dollar to pare losses
  • Crude oil WTI plunges from one-week high on gloomy China data, interest rate probe as oil price hikes
WTI crude oil snapped a four-day uptrend as it tumbled from weekly data to $76.70 on concerns about lower demand due to dismal China data and higher interest rates at major Central Banks.

USD/CAD Climbs Back Above 50-Day SMA Ahead of US CPI

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Recently, China retail sales plunged to -5.9% in November compared to previous data of -3.6% and -0.5%. Meanwhile, Industrial production came in 2.2% lower compared to previous data of 3.3% and 5.0%. Previously, OPEC and IEA predicted a rebound in oil demand and combined with a weaker US Dollar to support energy bulls.

Swiss Currency Down Against Dollar In 13 Days Ahead Of US NFP

Market reassessment of the Fed’s decision suggesting a 50 bps rate hike and readiness to keep rates higher for a longer period. This can be cited as the reason for the recent recovery of the US dollar and the rise in the USD/CAD pair. This backdrop keeps the S&P 500 lightly offered but the US 10-year Treasury yields are probing a two-day downtrend near 3.50%. The US two-year bond yields are also extending their recovery from monthly lows while posting their first positive daily reading in three years near 4.25%.

Weekly Market Analysis: July 26 – 30, 2021 – Greenback Strengthens

Weekly Market Analysis: 08 – 12 March 2021

Next up is second-tier data from Canada related to housing insurance and employment. Second-tier data can provide relief to traders of the US/CAD currency pair. However, the main attention will be paid to monetary policy announcements from the Swiss National Bank (SNB), the ECB and the BoE.

USD/CAD Technical Analysis Today

Wednesday's Doji candle was above the 21-day Exponential Moving Average (EMA), which was at 1.3535 when the news was announced, making USD/CAD buyers hopeful of a monthly high near 1.3700.

Weekly Market Analysis: 25 – 29 January 2021

Above is daily information about USD CAD today. Continue to update the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade Forex trading application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah!