USD/CAD climbs to daily highs above 1.3180 on oil sell-off

Crude oil sell-off intensifies in last hour to weigh on CAD.
US Dollar Index clings to daily gains above 98.50.
Canadian PM Trudeau announces general election on October 21.

Eren Sengezer FXStreet

The USD/CAD pair gained traction in the last hour and rose to its highest level of the day at 1.3182 as the falling crude oil prices weighed on the commodity-sensitive Loonie. As of writing, the pair was up 0.2% on the day at 1.3175.

OPEC's monthly report drags crude oil prices lower

Although the weekly data published by the Energy Information Administration (EIA) today showed a larger-than-expected draw in the US crude oil inventories, the barrel of West Texas Intermediate struggled to stage a recovery as investors remained focused on OPEC's monthly oil report, in which the organization lowered its global oil demand growth forecast amid economic slowdown. As of writing, the barrel of WTI was losing 1.5% on the day at $56.95.

Earlier today, Statistics Canada reported that the capacity utilization improved to 83.3% in the second quarter to beat the market expectation of 81.8% but was largely ignored by the market participants.

Meanwhile, Canadian Prime Minister Justin Trudeau today announced that they will be holding general elections on October 21.

On the other hand, the selling pressure surrounding major European currencies today allow the Greenback to preserve its strength with the US Dollar Index (DXY) advancing to a fresh weekly high of 98.75 and provides an additional boost to the pair. The US Bureau of Labor Statistic's monthly data today revealed that the core Producer Price Index (PPI) rose 2.3% on a yearly basis in August to surpass analysts' estimate of 2.2% and supported the DXY's upsurge.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3178
Today Daily Change	0.0026
Today Daily Change %	0.20
Today daily open	1.3152

Trends
Daily SMA20	1.3274
Daily SMA50	1.3194
Daily SMA100	1.3285
Daily SMA200	1.3315

Levels
Previous Daily High	1.3192
Previous Daily Low	1.3134
Previous Weekly High	1.3384
Previous Weekly Low	1.3158
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3156
Daily Fibonacci 61.8%	1.317
Daily Pivot Point S1	1.3126
Daily Pivot Point S2	1.31
Daily Pivot Point S3	1.3067
Daily Pivot Point R1	1.3185
Daily Pivot Point R2	1.3218
Daily Pivot Point R3	1.3244

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.