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During the US session, commodity currencies continue to trade as the stronger ones. The prolonged rally in oil prices has aided the Canadian dollar in particular. Better-than-expected employment data continue to benefit the New Zealand Dollar. Overall, the sentiment is upbeat, with European stocks rebounding and US futures pointing to a recovery. The euro is currently the most vulnerable currency, followed by the Swiss franc and the yen.
The USD/CAD resumed the decline and dropped below 1.2265, hitting at 1.2251, the lowest intraday level since January 2018; daily, it could post the lowest close since September 2017.
The slide in USD/CAD took place amid a broad-based increase in crude oil prices. The barrel of West Texas Intermediate (WTI) traded at its highest level since early March at $66.70 today, rising 0.7% daily.
On a year-to-date basis, the loonie remains the best performing currency reflecting the positive outlook. According to preliminary readings for Crude Oil futures from CME Group, open interest extended the uptrend on Tuesday, this time by around 25.5K contracts. In the same line, volume reversed the previous drop and gained around 301.1K contracts.
Euro Declines With More Risk Expected
Scholz (candidate for Chancellor) announced that economic assistance would be extended; he also stated that he wanted an investment offensive and to make private companies more accountable for public infrastructure investment. The French government has threatened to cut off power to Jersey due to an ongoing dispute over post-Brexit fishing rights.
The EU has announced that it would halt its attempts to ratify the China-EU investment treaty. Following early-week rejection just below the 1.2080 resistance mark, the euro currency is struggling to advance against the US dollar on Wednesday. On the lower time frame, a broad head and shoulders pattern has recently emerged for the EURUSD pair. The bearish price trend is currently being activated by sustained weakness below the 1.1990 price area.
The EURUSD pair is only bullish when it is trading above the 1.2080 marks, with main resistance at 1.2115 and 1.2150. Only while trading below the 1.2080 level is the EURUSD pair bearish; main support is found at the 1.1980 and 1.1940 levels. In the short term, the risk is weighted to the downside, with a break of the outlined support levels possibly confirming a bearish extension.
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