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23 Mar 2020

USD/CAD: Mildly bid above 1.4400 amid WTI weakness, risk-off

  • USD/CAD defies the previous declines.
  • WTI bears the burden of coronavirus-led pessimism, US senate fails to pass COVID-19 bill.
  • Risk aversion continues to drive markets, virus headlines become the key.

Despite witnessing a pullback from the intraday high of 1.4488, USD/CAD remains on the front foot around 1.4425, up 0.43%, by the press time of early Monday. The Loonie pair recently benefited from the short-covering moves of the WTI while broad risk aversion continues to portray the pair’s strength.

The surge in the fatalities due to the coronavirus (COVID-19) has been the main catalyst weighing over the commodities off-late. The recent updates suggest rising risks from the US as well as Italy.

On top of that, the US Senate fails to agree over the much-awaited COVID-19 Bill whereas President Donald Trump approved a disaster declaration for California over the virus. Furthermore, the Fed policymakers also cite the risk of the US recession.

That said, the market’s risk-tone remains heavy with the US 10-year treasury yields down 12 basis points (bps) to 0.815% whereas most stocks in Asia register losses by the press time.

The recent pullback in the WTI could be attributed to the slew of measures from the BOJ, RBNZ and Australian government.

Traders may now await clues of the COVID-19 Bill for fresh impulse while Canadian Wholesale Sales and the US Chicago Fed National Activity Index could offer intermediate moves.

Technical Analysis

10-day EMA near 1.4150 acts as the immediate support ahead of the 1.4000 psychological magnet. Alternatively, 1.4540, 1.4600 and the recent top close to 1.4670 may lure the buyers during the further upside.

 

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