USD/CAD finds support in the 1.3100 area

Pablo Piovano FXStreet

USD/CAD has regained the 1.3115/20 band after briefly testing the 1.3100 neighbour amidst a steady trade around the buck and softer crude oil prices.

USD/CAD cautious ahead of FOMC

That said, the barrel of West Texas Intermediate has eroded the initial spike to levels above the $53.00 mark and is now testing the $52.75/70 band, removing some support from CAD.

The greenback remains within a sideline theme today, gyrating around the 101.00 handle when tracked by the US Dollar Index (DXY) ahead of the critical FOMC meeting due on Wednesday.

On the data front US Export Prices contracted 0.1% MoM in November, while Import Prices dropped 0.3% MoM, less than estimated.

USD/CAD significant levels

As of writing the pair is losing 0.13% at 1.3113 and a break below 1.3104 (low Dec.12) would open the door to 1.3063 (200-day sma) and then 1.3002 (low Oct.19). On the other hand, the next hurdle lines up at 1.3165 (high Dec.12) followed by 1.3192 (100-day sma) and finally 1.3311 (38.2% Fibo of the 2016 drop).

Sell 83%

Buy 17%

Avg Sell Price 1.3267

Avg Buy Price 1.3360

Liquidity Distribution

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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