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Loonie Suffers The Hurt From Oil Price -

Apr, 05th 10:54

Yesterday, the US Commerce Department reported that orders for non-defense capital goods excluding aircraft were down significantly by 2.5% instead of the 1.8% as initially expectation. New orders for manufactured goods in February also extended the current downtrend in nearly two years by dropping 1.7% as the demand decline, paring the gains 1.2% in the previous month. In response of these weak data from the economic growth, the US government bond did show a little fluctuation in price.

In the labor market, according to the non-farm payrolls reported on April 01, the job creation in March was at 215,000, a little higher than expectation, increased about 2.3% compared the year earlier, the best pace in five months.

On Monday, Boston Fed President Eric Rosengren said that the central bank will likely raise interest rates this year before markets currently expect since risks to the U.S. economy from abroad are fading. His dovish stance contributed a positive sign to strengthen the greenback. The dollar index DXY inched up to 94.72 from the 94,56 reading of previous close.

Today, oil is on track to fall after shedding more than 2% overnight, as investors doubted that oil supplying countries would freeze output to address a global glut. Front month U.S. West Texas Intermediate crude was down 19 cents from the last settlement to $35.51 per barrel. International Brent futures were at $37.60 per barrel, slid 9 cents. The Loonie is going down because of the downward pressure from the oil prices’ decline.


Fig. USDCAD H4 Technical Chart

USDCAD is on the way up from the half-year lowest level of 1.28523 formed on March 31. The uptrend is confirmed as the two SMA lines passed and are lying below the price chart, supporting the pair to climb more. RSI hovers around 58.4658, higher than average, indicating that the ascending will last for a period of time.

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