USD/CAD: Bears look to 1.3500 following the WTI spike

WTI rebounds to $41 mark, knocks-off USD/CAD.
US dollar bleeds in the NA session as risk-on mood persists.
The spot risks a break below the 1.3500 level.

Dhwani Mehta FXStreet

Broad-based US dollar weakness combined with the WTI rebound has wreaked havoc for USD/CAD, as it meanders near two-day lows of 1.3520, down 0.55% on a daily basis.

The US oil reversed a temporary dip induced by an unexpected build in the EIA crude stockpiles and briefly regained $41. The rebound in WTI put a fresh bid under the resource-linked Canadian dollar.

Meanwhile, the selling interest around the US dollar remains unabated, with the pain further exacerbated by the renewed uptick in the S&P 500 index. Markets dismissed the mixed US coronavirus stats, as they still weigh the odds of an economic recovery.

In the absence of relevant macro-economic news, the broad market sentiment and the dollar flows will continue to direct the near-term direction in the CAD pair.

USD/CAD technical levels

“The 200-day SMA level of 1.3500 holds the key to the pair’s south-run towards 1.3430,” explains FXStreet’s Analyst Anil Panchal notes. Meanwhile, any recovery attempt could face initial resistance at 5-DMA of 1.3556.

USD/CAD additional levels

USD/CAD

Overview
Today last price	1.3524
Today Daily Change	-0.0078
Today Daily Change %	-0.57
Today daily open	1.3603

Trends
Daily SMA20	1.3583
Daily SMA50	1.3744
Daily SMA100	1.3818
Daily SMA200	1.3499

Levels
Previous Daily High	1.361
Previous Daily Low	1.3525
Previous Weekly High	1.3705
Previous Weekly Low	1.3545
Previous Monthly High	1.3802
Previous Monthly Low	1.3316
Daily Fibonacci 38.2%	1.3577
Daily Fibonacci 61.8%	1.3557
Daily Pivot Point S1	1.3549
Daily Pivot Point S2	1.3494
Daily Pivot Point S3	1.3464
Daily Pivot Point R1	1.3634
Daily Pivot Point R2	1.3664
Daily Pivot Point R3	1.3719

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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