The Canadian dollar weakened to a seven-week low against its U.S. counterpart on Tuesday as the price of oil fell 4% and investors reassessed the outlook for Federal Reserve interest rate cuts.
Canadian dollar weakens as oil tumbles
Oil prices extend gains, lifting Brent crude towards $80
Oil prices rose more than 3%, with Brent surpassing $80 per barrel for the first time since August, as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.
The Oil-Dollar pair exploded 4.5% in the last session. The CCI indicates an overbought market.
Support: 72.8667 | Resistance: 74.2667
Crypto adoption on track to hit 8% by 2025
Global cryptocurrency adoption is approaching a significant milestone, with 7.51% of the world’s population now using digital currencies, according to a report by MatrixPort. The report projects this figure to exceed 8% by 2025, signaling a potential shift of crypto from a niche market into mainstream financial systems.
AUD dropped 0.6%
The last session saw the Aussie fall 0.6% against the Dollar. The ROC is giving a negative signal.
AUD dropped 0.6% against USD in the last session.
The ROC is currently in the negative zone.
Support: 0.6773 | Resistance: 0.6821
Meta’s stock gained 2.0%
Meta shares gained 2.0% in the last session. The MACD is giving a positive signal.
Meta’s stock gained 2.0% in the last session.
The MACD is currently in positive territory.
Support: 563.6567 | Resistance: 592.9167
As S&P 500 continues to rise, Investors look to earnings to support record-high stock prices
A high-stakes corporate earnings season kicks into gear this week, with bullish investors hoping results will justify increasingly rich valuations in a U.S. stock market near record highs. The case for strong U.S. economic growth got a boost after labor market data came in far above expectations. The S&P 500 is up 20% year-to-date and stands near record highs