Higher equity and crude oil prices boost the loonie. USD/CAD extends correction from weekly highs under 1.2550. The USD/CAD is trading at daily lows near 1.2540. It dropped further during the American session on the back of an improvement in risk sentiment and higher crude oil prices. Earlier on Wednesday, the USD/CAD peaked at 1.2608, the highest level since March 11. It then started to correct lower and accelerated on US hours, breaking under 1.2550. In Wall Street, the Dow Jones gains more than 1% and the S&P 500 0.62%, while the Nasdaq is still in negative territory, falling 0.30%. The WTI soars 5%, with the barrel above $60.00. Speculations that OPEC+ will keep output steady at the April meeting and the Suez Canal blockade are keeping oil on demand. The pair is about to post the first daily loss after rising during four consecutive days. From a technical perspective, USD/CAD still holds a bullish tone but the momentum eased. The next support is seen at 1.2530, and a consolidation below would point to some weakness to the upside. A recovery back above 1.2580, would expose 1.2600. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Filecoin Price Analysis: FIL responds positively to Chainlink’s integration FX Street 8 months Higher equity and crude oil prices boost the loonie. USD/CAD extends correction from weekly highs under 1.2550. The USD/CAD is trading at daily lows near 1.2540. It dropped further during the American session on the back of an improvement in risk sentiment and higher crude oil prices. Earlier on Wednesday, the USD/CAD peaked at 1.2608, the highest level since March 11. It then started to correct lower and accelerated on US hours, breaking under 1.2550. In Wall Street, the Dow Jones gains more than 1% and the S&P 500 0.62%, while the Nasdaq is still in negative territory, falling 0.30%.… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
