USD/CAD continues to push higher toward 1.2600 on USD strength, oil selloff

USD/CAD rose to its highest level in more than 10 days above 1.2580.
US Dollar Index closes in on 93.00 on Monday.
WTI is losing more than 2%, trades below $67.

Eren Sengezer FXStreet

After dropping toward 1.2530 earlier in the day, the USD/CAD pair regained its traction and reached its highest level since July 28 at 1.2587. As of writing, the pair was up 0.2% on the day at 1.2575.

DXY approaches 93.00

The selling pressure surrounding crude oil prices and the unabated USD strength is allowing USD/CAD to stay in the positive territory at the start of the week.

Supported by the upbeat employment data and hawkish Fedspeak, the US Dollar Index (DXY) is up 0.17% on the day at 92.94.

The data published by the US Bureau of Labor Statistics showed on Monday that the number of job openings on the last business day of June reached a new series-high of 10.1 million. Additionally, Atlanta Federal Reserve Bank President Raphael Bostic noted that the Fed could start tapering asset purchases between October and December. On a similar note, Richmond Federal Reserve Bank President Thomas Barkin said that the Fed has made substantial progress towards the taper benchmark.

On the other hand, the barrel of West Texas Intermediate (WTI) is losing 2.4% on the day at $66.35, making it difficult for the commodity-related loonie to stay resilient against its rivals.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2577
Today Daily Change	0.0024
Today Daily Change %	0.19
Today daily open	1.2553

Trends
Daily SMA20	1.2552
Daily SMA50	1.2383
Daily SMA100	1.2372
Daily SMA200	1.2579

Levels
Previous Daily High	1.2581
Previous Daily Low	1.2493
Previous Weekly High	1.2581
Previous Weekly Low	1.2453
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2547
Daily Fibonacci 61.8%	1.2526
Daily Pivot Point S1	1.2503
Daily Pivot Point S2	1.2454
Daily Pivot Point S3	1.2415
Daily Pivot Point R1	1.2592
Daily Pivot Point R2	1.2631
Daily Pivot Point R3	1.268

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.

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