USD/CAD inches back closer to 1-month tops set on Friday

The USD stood tall near two-month highs and helped the pair to regain traction.
A modest pullback in Oil prices weighed on the Loonie and remained supportive.

Haresh Menghani FXStreet

The USD/CAD pair traded with a mild positive bias on the first day of a new week and remained well within the striking distance of one-month tops set on Friday.

The pair built on its recent recovery from yearly lows and got an additional boost on Friday following the release of stronger-than-expected US GDP report, showing that the economic growth stood at 2.1% annualized pace during the second quarter of 2019.

The positive momentum, however, faltered near the 1.3200 handle, though the pullback turned out to be short-lived, rather was quickly bought into at the start of a new trading week amid the prevalent bullish sentiment surrounding the US Dollar.

This coupled with a modest pullback in Crude Oil prices further undermined demand for the commodity-linked currency - Loonie and remained supportive, with bulls now eyeing a sustained move beyond the 1.3200 round figure mark.

Given that the Fed is likely to refrain from announcing any aggressive monetary policy easing at its upcoming meeting on July 30-31, a convincing breakthrough the mentioned handle will set the stage for an extension of the recent appreciating move.

In the meantime, the USD/Oil price dynamics might continue to influence the pair's momentum amid absent relevant market-moving economic releases on Monday - either from the US or Canada.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3181
Today Daily Change	0.0015
Today Daily Change %	0.11
Today daily open	1.3166

Trends
Daily SMA20	1.3092
Daily SMA50	1.3243
Daily SMA100	1.3318
Daily SMA200	1.3304

Levels
Previous Daily High	1.32
Previous Daily Low	1.3152
Previous Weekly High	1.32
Previous Weekly Low	1.3041
Previous Monthly High	1.3529
Previous Monthly Low	1.306
Daily Fibonacci 38.2%	1.3182
Daily Fibonacci 61.8%	1.317
Daily Pivot Point S1	1.3146
Daily Pivot Point S2	1.3126
Daily Pivot Point S3	1.3099
Daily Pivot Point R1	1.3193
Daily Pivot Point R2	1.322
Daily Pivot Point R3	1.324

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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