- USD/CAD bides time for the next leg higher, as USD remains firmer on the session.
- Covid concerns weigh on WTI prices while boding well for the safe-haven USD.
- All eyes remain on the FOMC minutes amid a quiet start to the week.
USD/CAD is tracking the ongoing strength in the US dollar across its main competitors, consolidating near seven-week tops, starting out a fresh week on the right footing.
The major got a double booster shot from the risk-averse market conditions on Friday, as the covid resurgence in Europe and risks of a potential lockdown weighed heavily on the market sentiment.
The resultant risk-off trading lifted the US dollar’s safe-haven demand while raising concerns over the demand for fuel, knocking off WTI prices to the lowest levels in seven-week below the $75 mark.
Meanwhile, the loonie buyers failed to benefit from the upbeat Canadian Retail Sales data. The Canadian consumer spending outpaced the market’s expectations on Friday, arriving at -0.6% MoM in September vs. -1.7% expected.
Looking ahead, the sentiment around the US dollar and oil prices will continue influencing the currency pair, as investors keep an eye on the latest covid updates amid a data-sparse economic calendar on Monday.
USD/CAD: Technical levels to watch out
|Today last price||1.2649|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||1.2649|
|Previous Daily High||1.2663|
|Previous Daily Low||1.2584|
|Previous Weekly High||1.2663|
|Previous Weekly Low||1.2493|
|Previous Monthly High||1.2739|
|Previous Monthly Low||1.2288|
|Daily Fibonacci 38.2%||1.2633|
|Daily Fibonacci 61.8%||1.2614|
|Daily Pivot Point S1||1.2602|
|Daily Pivot Point S2||1.2554|
|Daily Pivot Point S3||1.2524|
|Daily Pivot Point R1||1.268|
|Daily Pivot Point R2||1.271|
|Daily Pivot Point R3||1.2758|
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