USD/CAD holds steady above mid-1.3600s, bullish bias intact

USD/CAD remained well within the previous day’s broader trading range.
A subdued USD failed to impress bulls or provide any meaningful impetus.
A modest uptick in oil prices underpinned the loonie and might cap gains.

Haresh Menghani FXStreet

The USD/CAD pair edged higher during the early European session, albeit remained well within the previous day's broader trading range, just above mid-1.3600s.

A combination of diverging forces failed to provide any meaningful impetus, or assist the pair to build on this week's goodish rebound from the very important 200-day SMA – levels below the key 1.3500 psychological mark.

The US dollar was seen consolidating its gains recorded over the past two trading sessions. Meanwhile, growing worries about a surge in new coronavirus cases continued underpinning the greenback's safe-haven demand.

The supporting factor, to some extent, was negated by a modest intraday uptick in crude oil prices, which extended some support to the commodity-linked currency – the loonie – and capped the upside for the USD/CAD pair.

Looking at the technical picture, the USD/CAD pair this week broke through a one-week-old descending trend-line resistance near the 1.3600 mark. The breakout might have already shifted the near-term bias in favour of bulls.

However, it prudent to wait for some strong follow-through buying, possibly beyond last week's swing high near the 1.3685 region, before bullish traders start positioning for any further near-term appreciating move.

Market participants now look forward to second-tier US macro data for some impetus. Friday's US economic docket features the release of Core PCE Price Index, Personal Income/Spending data and revised June Michigan Consumer Sentiment Index.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3646
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.3638

Trends
Daily SMA20	1.3549
Daily SMA50	1.3823
Daily SMA100	1.3792
Daily SMA200	1.3485

Levels
Previous Daily High	1.367
Previous Daily Low	1.3608
Previous Weekly High	1.3686
Previous Weekly Low	1.3505
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3646
Daily Fibonacci 61.8%	1.3632
Daily Pivot Point S1	1.3607
Daily Pivot Point S2	1.3576
Daily Pivot Point S3	1.3544
Daily Pivot Point R1	1.367
Daily Pivot Point R2	1.3701
Daily Pivot Point R3	1.3732

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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