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- USD/CAD renews weekly top around 1.2800 as covid fears weigh on oil, propel yields
USD/CAD renews weekly top around 1.2800 as covid fears weigh on oil, propel yields
- USD/CAD eyes the first weekly gain in three during two-day uptrend.
- WTI extends pullback from six-week high , drops the most in a week.
- Virus woes escalate as faster doubling of cases strain medical system, new variant adds to the risk-off mood.
- Fed Minutes highlighted Friday’s NFP, Canada trade report, US ISM Services PMI will direct intraday moves.
USD/CAD bulls attack 21-DMA surrounding 1.2800 to refresh weekly top heading into Thursday’s European session.
In doing so, the Loonie pair takes clues from firmer US Treasury yields and downbeat prices of Canada’s main export item, WTI crude oil.
The US 10-year bond yields refresh a nine-month high with 2.3 basis points (bps) of gain to 1.73% during the five-day uptrend, which in turn weighed on the S&P 500 Futures to renew a two-week low around 4,675, down 0.40% at the latest. That said, WTI crude oil declined 0.15% to $76.66 after taking a U-turn from the highest levels since late November the previous day.
US Treasury yields jump the previous day amid hawkish bias of the Fed policymakers, suggesting a faster rate-hike and plans to discuss balance-sheet normalization, per the Federal Open Market Committee (FOMC) Meeting Minutes.
Recently fueling the US bond coupons are the coronavirus concerns suggesting a widespread increase in the daily infections and challenges to healthcare systems. Although Canada’s Quebec marked an early bird to announce lockdown to tame the virus infections, the cases are nowhere easing.
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That said, the firmer yields and softer oil prices can keep fueling the USD/CAD prices toward the first weekly gains in three. However, today’s Canada International Merchandise Trade for November will precede the US ISM Services PMI to entertain short-term buyers ahead of Friday’s jobs report.
Technical analysis
Although a clear upside break of a 13-day-old descending trend line favors USD/CAD buyers, the 21-DMA level around 1.2800 guards the quote’s immediate upside towards the early December’s peak near 1.2850.
In addition to the previous resistance line near 1.2720, the 100-DMA level of 1.2630 also challenges USD/CAD bears.
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