USD/CAD testing lows near 1.3250 as Oil jumps +1%
|The USD/CAD pair extends its consolidative-mode into early Europe, although looks vulnerable below 1.3250 levels amid more-than 1% jump in oil prices seen so far this Monday.
USD/CAD stuck between 5-DMA and 10-DMA
The Loonie remains supported near mid-1.32s as oil prices jumped higher in Asia, reversing last week’s heavy sell-off.
Moreover, subdued trading activity seen in the US dollar against its major rivals also collaborated to downside bias in the CAD pair. The USD index trades modestly lower just below 97 handle.
On Friday, USD/CAD witnessed a volatile NA session, initially spiking above 1.33 handle on the release of worse-than expected Canadian CPI figures.
However, the spot failed to sustain the rally and dropped back to the familiar range near 1.3250 levels, after the greenback slumped across the board on dovish Fedspeaks.
Later today, the major will closely track oil-price action fur fresh incentives ahead of the US durable goods data due to be reported in the NA session.
USD/CAD Technical levels
The next resistance can be seen at 1.3300/09 (round figure/ Friday’s high), 1.3336 (20-DMA) and 1.3363 (200-DMA). Next support to the downside can be found at 1.3200 (zero figure/ key support), 1.3165 (4-month lows) and 1.3150 (key psychological support).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.