USD/CAD finds support near 1.3300 despite crude oil recovery

Crude oil prices recover in American session on Monday.
Wholesale Sales in Canada rose more than expected in September.
US Dollar Index fluctuates in tight range above 98.

Eren Sengezer FXStreet

The USD/CAD pair came under modest bearish pressure during the American trading hours and retreated to 1.3300 area before finding support there. As of writing, the pair was trading at 1.3315, adding 0.12% on a daily basis.

Earlier in the day, the data published by Statistics Canada showed Wholesale Sales in Canada increased by 1% following August's decline of 1.2% and surpassed the market expectation of 0.4% to help the loonie stay resilient against the greenback.

Eyes on crude oil ahead of OPEC meeting

Additionally, after staging a technical correction during the first half of the day following last week's rally, crude oil prices gained traction in the last hours with the barrel of West Texas Intermediate turning flat on the day near $58 and making it difficult for the pair to continue to edge lower.

Markets will be paying close attention to any fresh developments surrounding the OPEC+ output cuts ahead of December meeting and the pair is likely to react to heightened volatility in WTI. According to the CME Group's OPEC Watch Tool, markets are pricing a 75% possibility of the group maintaining its output cuts.

On the other hand, the greenback seems to be preserving its strength against its major rivals on Monday with the US Dollar Indexregistering small daily gains near the 98.30 mark. The data published by the Federal Reserve Bank of Dallas showed that the business activity in Texas' manufacturing sector declined at a softer pace than expected to help the index stay in the upper half of its daily range.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3312
Today Daily Change	0.0020
Today Daily Change %	0.15
Today daily open	1.3292

Trends
Daily SMA20	1.3203
Daily SMA50	1.3216
Daily SMA100	1.321
Daily SMA200	1.3277

Levels
Previous Daily High	1.33
Previous Daily Low	1.3254
Previous Weekly High	1.3328
Previous Weekly Low	1.3156
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3283
Daily Fibonacci 61.8%	1.3272
Daily Pivot Point S1	1.3264
Daily Pivot Point S2	1.3237
Daily Pivot Point S3	1.3219
Daily Pivot Point R1	1.331
Daily Pivot Point R2	1.3328
Daily Pivot Point R3	1.3355

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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