USD/CAD extends slide toward 1.3350 on US dollar weakness

USD/CAD head for the lowest close since March 6, hits lowest since coronavirus crisis.
US dollar tumbles across the board, DXY drops 0.55%.

Matías Salord FXStreet

The USD/CAD lost more than two hundred pips on Monday, and it was about to post the lowest close in almost three months. The pair continued to slide during the American session. As of writing, it was trading at fresh lows at 1.3558.

A weaker US dollar across the board pushed USD/CAD sharply lower. The greenback also lost ground versus other commodity currencies. Equity prices in Wall Street were modestly higher, and crude oil prices were testing multi-month highs.

The DXY lost 0.55% falling under 98.00. It was falling for the fourth time out of the last five trading days, about to post the lowest close since March 13.

Resuming slide after pullback

From a technical perspective, intraday indicators show oversold readings but no signs of a correction. In the daily chart, is seen how the price broke the 4-day trading range and below the 100-day simple moving average. USD/CAD pulled back to levels near 1.3850 (April & mid-May lows) before resuming the downside.

Now the 1.3720/30 is a resistance area in USD/CAD. On the flip side, the next critical support stands at 1.3500.

USD/CAD

Overview
Today last price	1.356
Today Daily Change	-0.0225
Today Daily Change %	-1.63
Today daily open	1.3785

Trends
Daily SMA20	1.3967
Daily SMA50	1.4039
Daily SMA100	1.3719
Daily SMA200	1.3458

Levels
Previous Daily High	1.3833
Previous Daily Low	1.3715
Previous Weekly High	1.4008
Previous Weekly Low	1.3715
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3788
Daily Fibonacci 61.8%	1.376
Daily Pivot Point S1	1.3722
Daily Pivot Point S2	1.366
Daily Pivot Point S3	1.3604
Daily Pivot Point R1	1.384
Daily Pivot Point R2	1.3896
Daily Pivot Point R3	1.3958

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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