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28 Jan 2020

USD/CAD trades above 1.3200 ahead of US data

  • Coronavirus concerns continue to weigh on market sentiment.
  • WTI trades at its lowest level since early October.
  • US Dollar Index stays near 98 ahead of Durable Goods Orders data.

After closing the first day of the week in the positive territory, the USD/CAD pair continued to push higher on Tuesday and rose above the 1.32 mark for the first time since early December. As of writing, the pair was up 0.07% on the day at 1.3202.

Concerns over the potential negative impact of coronavirus outbreak on the Chinese economy and global trade continue to weigh on crude oil prices to make it difficult for the commodity-sensitive CAD to find demand. The barrel of West Texas Intermediate, which erased more than 7% last week, was last seen posting small recovery gains near $53.

USD stays strong ahead of key macro events

On the other hand, the greenback takes advantage of the risk aversion and helps the pair preserve its bullish momentum with the US Dollar Index adding 0.07% on the day at 98.

In the second half of the day, Durable Goods Orders, Conference Board's Consumer Confidence Index and the Richmond Fed's Manufacturing Survey from the US will be looked upon for fresh impetus. There won't be any macroeconomic data releases from Canada on Tuesday.

On Wednesday, the FOMC will announce its interest rate decision and publish the monetary policy statement, which will be followed by FOMC Chairman Jerome Powell's press conference.

Technical levels to watch for

 

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