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6 Apr 2021

USD/CAD advances to fresh daily tops above 1.2550

  • USD/CAD reversed its direction after posting losses on Monday.
  • Crude oil's performance doesn't seem to be having a significant impact on CAD.
  • US Dollar Index edges higher ahead of mid-tier data releases. 

The USD/CAD pair lost more than 50 pips on Monday as the greenback faced heavy selling pressure following the Easter holiday. However, the pair met support around 1.2500 and started to erase its losses on Tuesday. As of writing, USD/CAD was up 0.32% on the day at 1.2561.

CAD ignores crude oil prices

The correlation between the CAD's market valuation and crude oil prices seems to have weakened lately. At the start of the week, the barrel of West Texas Intermediate (WTI) lost more than 4% but the loonie managed to outperform its American counterpart. Similarly, USD/CAD continues to edge higher despite a 1% increase in WTI prices on Tuesday.

On the other hand, the US Dollar Index, which fell 0.5% on Monday after the S&P 500 and the Dow Jones Industrial Average surged to new record highs, is rising 0.2% at 92.75, allowing USD/CAD to stay in the positive territory. 

There won't be any macroeconomic data releases featured in the Canadian economic docket. The IBD/TIPP Economic Optimism Index and JOLTS Job Openings data from the US will be looked upon for fresh impetus.

Nevertheless, investors will keep a close eye on the performance of Wall Street's main indexes and a negative shift in risk sentiment could provide an additional boost to the USD. Currently, the S&P 500 Futures are down 0.2%.

Technical levels to watch for

 

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