USD/CAD continues to push higher, closes in on 1.3200


  • USD/CAD started the new week on a strong footing.
  • Falling crude oil prices continue to weigh on the CAD.
  • US Dollar Index stays in the positive territory on Monday.

After closing the previous week modestly lower, the USD/CAD pair staged a rebound on Monday and touched its highest level in a week at 1.3193. As of writing, the pair was up 0.52% on the day at 1.3190.

WTI slumps on dismal demand outlook

Falling crude oil prices makes it difficult for the commodity-related loonie to find demand. The surging number of coronavirus infections globally and recently imposed restriction measures in Europe seem to have revived concerns over an uneven recovery in energy demand. As of writing, the barrel of West Texas Intermediate (WTI) was down 2.2% on a daily basis at $38.85.

On the other hand, the risk-averse market environment is helping the greenback gather strength against its peers as a safe-haven. At the moment, the US Dollar Index (DXY) is gaining 0.3% on the day at 93.02. In the meantime, the S&P 500 futures are down more than 1% on the day, suggesting that the DXY could extend its daily upside if Wall Street suffers heavy losses after the opening bell.

Later in the session, the Federal Reserve Bank of Chicago will release its National Activity Index. September New Home Sales data will be featured in the US economic docket as well.

Technical levels to consider

USD/CAD

Overview
Today last price 1.319
Today Daily Change 0.0065
Today Daily Change % 0.50
Today daily open 1.3125
 
Trends
Daily SMA20 1.3218
Daily SMA50 1.3199
Daily SMA100 1.3342
Daily SMA200 1.3542
 
Levels
Previous Daily High 1.316
Previous Daily Low 1.3109
Previous Weekly High 1.3204
Previous Weekly Low 1.3081
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.3129
Daily Fibonacci 61.8% 1.3141
Daily Pivot Point S1 1.3103
Daily Pivot Point S2 1.3081
Daily Pivot Point S3 1.3052
Daily Pivot Point R1 1.3154
Daily Pivot Point R2 1.3183
Daily Pivot Point R3 1.3205

 

 

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