USD/CAD finds decent support near 1.3400 handle, focus shifts to BoC Gov. Poloz

Haresh Menghani FXStreet

• A modest pickup in the USD demand helped find support near the 1.3400 handle.
• Mostly upbeat US/Canadian data did little to provide any meaningful impetus.
• Bullish oil prices seemed to be the only factor keeping a lid any further up-move.

The USD/CAD pair rallied over 30-pips during the early North-American session and has now recovered a major part of its early slide to weekly lows.

The pair stalled its overnight rejection slide from the vicinity of the key 1.3500 psychological mark and managed to find some decent support near the 1.3400 handle amid a modest pickup in the US Dollar demand.

The rebound in the US Treasury bond yields helped the greenback to regain positive traction and the uptick got an additional boost following the release of mostly better than expected second-tier US economic releases.

Meanwhile, traders shrugged off upbeat Canadian releases, albeit bullish Oil prices continued underpinning the commodity-linked currency - Loonie and turned out to be the only factor capping any further gains.

Hence, it would be prudent to wait for a follow-through buying before traders start positioning for any further intraday up-move as the focus now shifts to a scheduled press conference by BoC Governor Stephen Poloz.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3432
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.3436

Trends
Daily SMA20	1.3441
Daily SMA50	1.3392
Daily SMA100	1.3342
Daily SMA200	1.3243

Levels
Previous Daily High	1.3494
Previous Daily Low	1.3427
Previous Weekly High	1.3506
Previous Weekly Low	1.338
Previous Monthly High	1.3522
Previous Monthly Low	1.3274
Daily Fibonacci 38.2%	1.3453
Daily Fibonacci 61.8%	1.3469
Daily Pivot Point S1	1.3411
Daily Pivot Point S2	1.3386
Daily Pivot Point S3	1.3344
Daily Pivot Point R1	1.3478
Daily Pivot Point R2	1.352
Daily Pivot Point R3	1.3545

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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