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Forex

USD/CAD falls to the lowest level in three weeks under 1.3500

  • The Loonie outperforms during the American session.
  • WTI rebounds and approaches daily highs.
  • Wall Street trims losses, US yields print fresh highs.

The USD/CAD is hovering around 1.3510 after hitting at 1.3484, the lowest level in three weeks, amid an improvement in market sentiment. The Loonie is outperforming.

Technicals, oil and equities supporting CAD

The USD/CAD broke a relevant support area located at 1.3520 and accelerated the downside. If the pair manages to remain below, more losses under 1.3500 seems likely.

The Loonie is outperforming on Tuesday, supported not only by technical developments but also by higher crude oil prices. The WTI barrel is up by 1.41%, approaching the $81.00 area again.

In Wall Street, the stock market is off lows with the S&P 500 up by 0.31% as of writing, and the Nasdaq down by 0.80%, off lows. Volume remains low favoring uncoordinated moves.

Technical levels

 

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