USD/CAD extends consolidation, sits comfortably above 1.34 mark

  • NY Empire State Manufacturing Index in June comes in worse than expected.
  • US Dollar Index drops below 97.50 on disappointing data. 
  • Crude oil prices decline on Monday despite heightened geopolitical tensions.

The USD/CAD pair is having a difficult time setting its next short-term direction on Monday as the commodity-sensitive loonie fails to capitalize on a weaker greenback amid falling crude oil prices. As of writing, the pair was virtually unchanged on a daily basis at 1.3410.

The Federal Reserve Bank of New York's Empire State Manufacturing Index slumped to -8.6 in June from 17.8 and missed the analysts' estimate of 10 by a wide margin to weigh on the greenback. After spending the majority of the day moving sideways near 97.50, the US Dollar Index turned negative on the day and was last seen down 0.07% on a daily basis at 97.38.

On the other hand, after posting heavy losses last week, crude oil prices started the new week under pressure with the barrel of West Texas Intermediate (WTI) erasing around 1% near the $52 mark and is not allowing the CAD to outperform the USD. Earlier today, Fitch Ratings said that they were expecting the OPEC+ output deal to get extended at least until the end of the year but failed to help crude oil prices rebound.

 This week's most significant event will be the FOMC meeting on Wednesday. Manufacturing sales on Tuesday and retail sales on Friday will be featured in the Canadian economic docket.

Technical levels to watch for


Today last price 1.3409
Today Daily Change -0.0005
Today Daily Change % -0.04
Today daily open 1.3414
Daily SMA20 1.3408
Daily SMA50 1.3413
Daily SMA100 1.335
Daily SMA200 1.3281
Previous Daily High 1.3424
Previous Daily Low 1.3324
Previous Weekly High 1.3424
Previous Weekly Low 1.3242
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3386
Daily Fibonacci 61.8% 1.3362
Daily Pivot Point S1 1.335
Daily Pivot Point S2 1.3286
Daily Pivot Point S3 1.3249
Daily Pivot Point R1 1.3451
Daily Pivot Point R2 1.3488
Daily Pivot Point R3 1.3552



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

Editors’ Picks

EUR/USD modestly up for the day, still below 1.0900

The EUR/USD pair is trading marginally higher at the end of Wednesday, as panic eased. Nevertheless, concerns about the coronavirus possible effects on economic growth keep investors in cautious mode.


AUD/USD at fresh multi-year lows and at risk of falling further

The Aussie remains among the weakest currencies in the FX sphere, amid Australian economic tights with China. AUD/USD trading at an over one-decade low in the 0.6550 price zone.


Crypto Today: Bitcoin bears force devastating break of $9000

BTC/USD is currently trading at $8740 (-6.50%), the bears have smashed the big $9000 mark to the downside. 

Read more

Gold surrenders early gains, refreshes session low around $1630 region

Gold surrendered its early modest gains and has now drifted into the negative territory, refreshing session lows around the $1634-335 region.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info