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U.S. Dollar/Canadian Dollar (^USDCAD)

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U.S. Dollar/Canadian Dollar Futures Market News and Commentary

Dollar Falls with Bond Yields

The dollar index (DXY00) on Thursday fell to a 2-1/2 week low and finished down by -0.40%.  The dollar was weighed down Thursday by a decline in T-note yields.  Also, Thursday’s stock rally reduced the liquidity demand for the dollar.  In addition, the dollar had a negative carryover from Wednesday when Fed Chair Powell said it was “unlikely” that the Fed's next policy move would be to raise interest rates.  Thursday’s US economic reports were dollar-friendly, showing weekly jobless claims rose less than expected, and Q1 unit labor costs rose more than expected, hawkish factors for Fed policy. 

Weekly US initial unemployment claims were unchanged at 208,000, showing a stronger labor market than expectations of an increase to 211,000.

US Q1 nonfarm productivity rose +0.3%, weaker than expectations of +0.5%.  Q1 unit labor costs rose +4.7%, stronger than expectations of +4.0%.

US Mar factory orders rose +1.6% m/m, right on expectations and the biggest increase in 4 m... Read more

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
72,555 (-2,707)
157,017 (-9,817)
Non-Commercials - Long / Short
112,323 (-7,559)
35,873 (-1,194)
Dealers / Intermediary - Long / Short
2,340 (-97)
114,572 (-3,351)
Asset / Manager - Long / Short
113,349 (-7,280)
41,366 (-2,339)
Leveraged Funds - Long / Short
61,193 (-4,053)
15,900 (-4,206)
Other Reportables - Long / Short
1,536 (+1,105)
14,592 (-1,174)

Price Performance

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Period Period Low Period High Performance
1-Month
1.34782 +1.46%
on 04/04/24
1.38459 -1.24%
on 04/16/24
+0.01080 (+0.80%)
since 04/02/24
3-Month
1.34131 +1.95%
on 02/09/24
1.38459 -1.24%
on 04/16/24
+0.02118 (+1.57%)
since 02/02/24
52-Week
1.30928 +4.45%
on 07/14/23
1.38990 -1.61%
on 11/01/23
+0.00492 (+0.36%)
since 05/02/23

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^GBPUSD : 1.25334 (+0.04%)
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Gold Price Slides Even Without Dollar’s Help!

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Buy with a Average short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 1.38594
2nd Resistance Point 1.38212
1st Resistance Point 1.37802
Last Price 1.36799
1st Support Level 1.37010
2nd Support Level 1.36628
3rd Support Level 1.36218

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52-Week High 1.38990
Last Price 1.36799
Fibonacci 61.8% 1.35910
Fibonacci 50% 1.34959
Fibonacci 38.2% 1.34008
52-Week Low 1.30928

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