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17 Mar 2020

USD/CAD pulls back from multi-month high to sub-1.4000 as WTI regains $30.00

  • USD/CAD drops from the highest since February 2016.
  • WTI benefits from the risk-reset, global rush to ward off the coronavirus negative impact.
  • API Weekly Crude Oil Stock, COVID-19 headlines will be the key.

Amid the global rush to safeguard against the deadly coronavirus (COVID-19), USD/CAD slips from the multi-year high to 1.3965, down 0.40%, during the early Tuesday’s trading. Following the two rate cuts by the BOC in the current month, the Loonie pair might have taken clues from WTI that recently recovered amid broad risk reset.

Read: WTI is climbing back to the $30 handle, within a range between $27 and $36 handles

While adding to the previous efforts to counter negative economic impacts of the disease, the New Zealand government announced multi-billion dollars worth of stimulus while BOJ added more Japanese Government Bonds (JGBs) into their kitty.

Furthermore, the US Coronavirus Relief Bill has also passed through the House of Representatives and will soon reach the Senate for voting.

With these developments giving hopes of a better tomorrow, amid fears of spreading cases in the US and Europe, the risk-tone recovered while also helping WTI. Canada relies heavily on crude exports for its earning and hence any positive move for the oil benchmark helps the Canadian dollar.

Portraying the trade sentiment, the US 10-year treasury yields jump beyond 0.80%, seven basis points (bps) whereas S&P 500 Futures recently ticked up to 4.0% upper circuit after losing close to 12.0% the previous day.

Investors will now pay attention to coronavirus news as well as the upcoming call between the G7 Finance Ministers, not to forget the US Retail Sales, for fresh impulse.

Technical Analysis

The year 2017 high near 1.3795 acts as the major downside support while the bulls can target 1.4020 and 1.4100 during the fresh recovery.

 

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