USD/CAD pulls away from 19-month highs, trades around 1.3600
|- Broad-based USD weakness doesn't allow the pair to extend its rally.
- WTI trades in a tight range above the $45 handle.
- Coming up: Trade balance and housing data from the U.S.
After posting its highest daily close since mid-May of 2017 at 1.3620, the USD/CAD pair stays relatively quiet on Friday as thin trading conditions ahead of the New Year break keep the price action subdues. As of writing, the pair was trading at 1.3603, losing 15 pips on a daily basis.
Despite the broad-based USD weakness on Thursday, the pair was able to push higher above the 1.36 mark as the falling crude oil prices weighed on the commodity-related loonie. With the barrel of West Texas Intermediate trading in a tight range above the $45 mark and the US Dollar Index extending its slide today, the pair found an opportunity to correct its recent uptrend. Later in the session, the EIA is going to publish its weekly oil report, which could cause sharp fluctuations in crude oil prices.
Meanwhile, ahead of the trade balance and home sales data, the US Dollar Index is losing 0.35% on a daily basis at 96.25.
Technical levels to consider
The initial resistance for the pair aligns at 1.3660 (Dec. 27 high) ahead of 1.3720 (May 15, 2017, high) and 1.3790 (May 5, 2017, high). On the downside, supports are located at 1.3575 (Dec. 27 low), 1.3490/1.3500 (Dec. 21 low/psychological level) and 1.3445 (Dec. 20 low).
Technical levels to watch
USD/CAD
Overview:
Today Last Price: 1.3598
Today Daily change: -19 pips
Today Daily change %: -0.140%
Today Daily Open: 1.3617
Trends:
Previous Daily SMA20: 1.3453
Previous Daily SMA50: 1.3284
Previous Daily SMA100: 1.3149
Previous Daily SMA200: 1.3057
Levels:
Previous Daily High: 1.3662
Previous Daily Low: 1.3566
Previous Weekly High: 1.3602
Previous Weekly Low: 1.3372
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3625
Previous Daily Fibonacci 61.8%: 1.3603
Previous Daily Pivot Point S1: 1.3569
Previous Daily Pivot Point S2: 1.352
Previous Daily Pivot Point S3: 1.3474
Previous Daily Pivot Point R1: 1.3664
Previous Daily Pivot Point R2: 1.371
Previous Daily Pivot Point R3: 1.3759
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