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


Today last price 1.319
Today Daily Change 0.0065
Today Daily Change % 0.50
Today daily open 1.3125
Daily SMA20 1.3218
Daily SMA50 1.3199
Daily SMA100 1.3342
Daily SMA200 1.3542
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



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD sits at two-month highs near 0.7375

AUD/USD keeps its range near two-month highs of 0.7375 despite a big miss on the Australian Q3 Capex data. The bulls retain control as the US dollar remains on the back foot across the board, in the face of renewed US economic growth concerns. 


USD/JPY revisits Wednesday's low as weak US data keeps dollar under pressure

USD/JPY drops over 20 pips in Asia to test Wednesday's low. USD/JPY is feeling the pull of gravity with the dollar drawing offers, possibly on disappointing US data released Wednesday. Disappointing US jobs data and dovish Fed minutes weigh over the dollar.


Gold hovers within the range of Wednesday's Doji candle

Gold's daily chart shows signs of indecision in the market. Wed's high and low are levels to beat for bulls and bears, respectively. A Doji candle represents indecision in the market and makes the following day's close pivotal.

Gold news

Markets return to normal, and traders may be loving it

Calendar comeback – currencies begin moving to the tune of economic indicators, a welcome return for traders. Valeria Bednarik, Joseph Trevisani, and Yohay Elam discuss the latest market moves and what to expect in the final stretch of 2020 and beyond.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info