USD/CAD drops to fresh February lows below 1.3230

  • WTI consolidates last week's gains, trades around $52.
  • US Dollar Index moves sideways above 99 in quiet day.
  • Coming up on Tuesday: Manufacturing Sales data from Canada. 

The USD/CAD pair snapped its five-week winning streak and closed the previous week with a 50-pip loss as the recovering crude oil prices helped the commodity-related gather strength. With the trading action turning relatively subdued on Monday, the pair continued to edge lower and touched its worst level since the last day of January at 1.3225. As of writing, the pair was down 0.2% on the day at 1.3228.

Easing worries over the coronavirus outbreak weighing heavily on the global energy demand allowed the barrel of West Texas Intermediate (WTI) to gain nearly 3.5% last week. In the absence of significant market drivers, the WTI is trading in a tight range near the $52 mark.

What's coming up?

Both the US and Canada financial markets will be closed on Monday in observance of Presidents' Day and Family Day, respectively. The next potential catalyst for the pair will be the monthly Manufacturing Sales data from Canada on Tuesday. Later in the week, on Wednesday, the FOMC will publish the minutes of its last monetary policy meeting.

Until those events, crude oil prices are likely to continue to impact the pair's movements. In the meantime, the US Dollar Index is moving sideways above the 99 mark on Monday, reflecting the thin trading conditions.

Technical levels to watch for


Today last price 1.323
Today Daily Change -0.0019
Today Daily Change % -0.14
Today daily open 1.3249
Daily SMA20 1.3218
Daily SMA50 1.3143
Daily SMA100 1.318
Daily SMA200 1.322
Previous Daily High 1.327
Previous Daily Low 1.3236
Previous Weekly High 1.333
Previous Weekly Low 1.3236
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.3249
Daily Fibonacci 61.8% 1.3257
Daily Pivot Point S1 1.3233
Daily Pivot Point S2 1.3217
Daily Pivot Point S3 1.3198
Daily Pivot Point R1 1.3268
Daily Pivot Point R2 1.3287
Daily Pivot Point R3 1.3303



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