USD/CAD holding on the downside of 1.3500 as crude bolsters CAD

The CAD sees a much-needed break on flubbed US manufacturing data.
Dollar weakness could easily evaporate as a temporary play, USD/CAD firmly one-sided.

Joshua Gibson FXStreet

USD/CAD is ticking into 1.3480 after the US Dollar took a hit on Thursday from disappointing US ISM Manufacturing data, sending the Greenback lower against the Canadian Loonie and dropping from near-term highs near 1.3650.

Crude oil prices have caught some lift this week, helping to further support the CAD which has floundered against the USD, losing ground against the US Dollar for three months straight. Despite Thursday's 180-pip jettison, USD/CAD remains in a firmly bullish position, riding far above the 50-day moving average near 1.3350, a key confluence level with the 38.2% Fibo retracement level of the last quarter's one-sided chart action.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.348
    Today Daily change: -2.0 pips
    Today Daily change %: -0.0148%
    Today Daily Open: 1.3482
Trends:
    Previous Daily SMA20: 1.3529
    Previous Daily SMA50: 1.3336
    Previous Daily SMA100: 1.3174
    Previous Daily SMA200: 1.3074
Levels:
    Previous Daily High: 1.366
    Previous Daily Low: 1.3469
    Previous Weekly High: 1.4134
    Previous Weekly Low: 1.3564
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3542
    Previous Daily Fibonacci 61.8%: 1.3587
    Previous Daily Pivot Point S1: 1.3414
    Previous Daily Pivot Point S2: 1.3346
    Previous Daily Pivot Point S3: 1.3224
    Previous Daily Pivot Point R1: 1.3605
    Previous Daily Pivot Point R2: 1.3727
    Previous Daily Pivot Point R3: 1.3795

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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