USD/CAD extends overnight rejection slide, drops to session lows around mid-1.3400s

Haresh Menghani FXStreet

• The USD held on the defensive despite a goodish rebound in the US bond yields.
• A modest rebound in Crude Oil prices underpin Loonie and add to the selling bias.
• Traders now eye Friday’s release of US durable goods orders for a fresh impetus.

The USD/CAD pair came under some renewed selling pressure on Friday and has now eroded a major part of the previous session's up-move to the key 1.3500 psychological mark.

The pair stalled this week's goodish rebound from near one-month lows and once again failed to sustain/build on its momentum further beyond the mentioned handle. The recent US Dollar rally to two-year tops faltered on Thursday amid a free fall in the US Treasury bond yields and kept a lid on the pair's positive momentum.

Despite a goodish bounce in the US bond yields, the greenback held on the defensive through the early European session on Friday. This coupled with a modest rebound in Crude Oil prices further underpinned the commodity-linked currency - Loonie and collaborated to the pair's mildly offered tone on the last trading day of the week.

Currently hovering around mid-1.3400s, testing session lows, market participants now look forward to the US economic docket - highlighting the release of durable goods orders, in order to grab some short-term trading opportunities later during the early North-American session.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3458
Today Daily Change	-0.0014
Today Daily Change %	-0.10
Today daily open	1.3472

Trends
Daily SMA20	1.3449
Daily SMA50	1.34
Daily SMA100	1.3332
Daily SMA200	1.3253

Levels
Previous Daily High	1.3503
Previous Daily Low	1.3432
Previous Weekly High	1.3514
Previous Weekly Low	1.34
Previous Monthly High	1.3522
Previous Monthly Low	1.3274
Daily Fibonacci 38.2%	1.3476
Daily Fibonacci 61.8%	1.3459
Daily Pivot Point S1	1.3435
Daily Pivot Point S2	1.3398
Daily Pivot Point S3	1.3364
Daily Pivot Point R1	1.3506
Daily Pivot Point R2	1.354
Daily Pivot Point R3	1.3578

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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