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Market News USD/CAD falls toward 1.30 due to market consolidation and oil's rebound ahead of the Fed's minutes

USD/CAD falls toward 1.30 due to market consolidation and oil's rebound ahead of the Fed's minutes

After reaching its highest level since November 2020, USD/CAD pulls down from a two-month-old resistance level. After a tumultuous day that bolstered the U.S. dollar in the midst of recessionary concerns, the markets continue to fluctuate. In addition to the FOMC Minutes, the ISM Services PMI and risk triggers will guide immediate moves.

Daniel Rogers

2022-07-06

1132

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During Wednesday's Asian session, USD/CAD bulls take a pause at the highest levels in 20 months, dropping around 1.3000 as markets consolidate recent rises ahead of significant data/events.

Recession concerns fueled the US dollar's run to a two-decade high, which pushed the Loonie pair to a multi-day high and the highest since August 2021. The weak performance of Canada's top export, WTI crude oil, also contributed to the rise in USD/CAD exchange rates.

In spite of this, the US Dollar Index (DXY) rose to its highest level in twenty years when US traders returned from the holiday weekend, causing the Gold Price to decline. In addition to the rush for risk aversion, the DXY also benefited from the better-than-anticipated US Factory Orders for May, which increased by 1.6 percent MoM compared to the 0.5 percent predicted and the upwardly corrected 0.7 percent prior readings.

On the other hand, bids for WTI crude oil increase to $99.20 as it recovers from its worst daily loss since March and approaches a three-month low.

Increasing worries of a worldwide recession and rumors that China would revisit covid-led lockdowns weighed on gold prices the day before. The pessimism increased after Germany and Italy issued economic warnings and the Bank of England (BOE) issued a report describing the bleak economic picture.

Wall Street ended with a mixed performance, as S&P 500 Futures saw modest gains, but US Treasury rates remained near a one-month low.

In conclusion, USD/CAD remains bullish despite recession worries, but it will be crucial to monitor the Federal Open Market Committee (FOMC) Minutes and the US ISM Services PMI for June for additional impetus.

A decisive breach over a May-drawn rising resistance line above 1.3085 looks crucial for USD/CAD bulls to maintain control. Until then, on the daily chart, overbought RSI circumstances suggest a fall toward revisiting the 50-DMA support around 1.2840.