USD/CAD holds steady around mid-1.3000s, eyeing BoC's Business Outlook Survey

  • USD/CAD lacks any firm directional bias and remains confined in a range.
  • A modest USD rebound extends support; positive oil prices capping gains.

The USD/CAD pair extended its sideways consolidative price action on Monday and remained confined well within the previous session's trading range, around mid-1.3000s.

The pair on Friday failed to capitalize on the attempted intraday positive move and turned lower in reaction to upbeat Canadian employment details/weaker US monthly jobs report for December.

Traders remained on the sidelines

As investors looked past Friday's disappointing NFP report, a modest US dollar rebound helped the pair to gain some positive traction, albeit a combination of factors capped any strong gains.

The USD uptick lacked any strong follow-through amid a weaker tone surrounding the US Treasury bond yields. This coupled with a mildly positive tone around oil prices kept a lid on the upside.

Oil prices found some support from growing optimism over the long-awaited phase-one trade deal between the world's two largest economies and underpinned the commodity-linked currency – loonie.

It will now be interesting to see if the pair is able to gain any meaningful traction or continues with its consolidative trading action amid absent relevant market moving economic releases.

Later during the North-American session, the quarterly release of the BoC's Business Outlook Survey report might influence the Canadian dollar and produce some short-term trading opportunities.

Technical levels to watch


Today last price 1.3059
Today Daily Change -0.0003
Today Daily Change % -0.02
Today daily open 1.3062
Daily SMA20 1.3076
Daily SMA50 1.3173
Daily SMA100 1.3197
Daily SMA200 1.3247
Previous Daily High 1.3078
Previous Daily Low 1.3029
Previous Weekly High 1.3106
Previous Weekly Low 1.2956
Previous Monthly High 1.3322
Previous Monthly Low 1.2951
Daily Fibonacci 38.2% 1.3048
Daily Fibonacci 61.8% 1.3059
Daily Pivot Point S1 1.3035
Daily Pivot Point S2 1.3008
Daily Pivot Point S3 1.2986
Daily Pivot Point R1 1.3083
Daily Pivot Point R2 1.3104
Daily Pivot Point R3 1.3131



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD has rocked and rolled in response to US consumer data. The Federal Reserve's critical meeting is in the spotlight. Mid-September's daily chart is painting a mixed picture. The FX Poll is pointing to short-term falls and a bullish trend afterward.


GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 


Gold bears in driver's seat as focus shifts to FOMC

Gold started the week in a relatively calm manner and continued to fluctuate in the previous week’s horizontal channel on Monday. Gold's technical outlook turned bearish following Thursday's sharp decline. Next target on the downside for XAU/USD is located at $1,730.

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

Central Bank fest

In terms of central bank meetings, the week ahead is one of the busiest.  No fewer than 13 central banks hold policy meetings, divided between six major and seven emerging markets.  While the significance of US monetary policy for the world makes the FOMC meeting a highlight.

Read more