USD/CAD: In bullish consolidation around 1.2650 amid USD strength, weaker WTI

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.

Dhwani Mehta FXStreet

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

USD/CAD

Overview
Today last price	1.2649
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2649

Trends
Daily SMA20	1.247
Daily SMA50	1.2533
Daily SMA100	1.2554
Daily SMA200	1.2471

Levels
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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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