USD/CAD jumps to near 2-week tops, around 1.3300 mark

USD/CAD regained positive traction on the first day of a new trading week.
Resurgent USD demand, a slump in oil prices remained supportive of the move.

Haresh Menghani FXStreet

The USD/CAD pair climbed to near two-week tops during the early European session on Monday, with bulls now eyeing a move towards reclaiming the 1.3300 mark.

A combination of factors – including some renewed US dollar buying and weaker oil prices – assisted the pair to regain some positive traction on the first day of a new trading week and build on the previous session's attempted bounce from the 1.3200 round-figure mark, or three-week lows.

USD/CAD supported by a combination of factors

Market concerns over deepening economic fallout from the coronavirus outbreak were further fueled by reports indicating a rise in the number of confirmed cases in Italy. This eventually triggered a fresh wave of the global risk-aversion trade and benefitted the greenback's perceived safe-haven status.

Apart from resurgent USD demand, an intraday slump in crude oil prices, now down over 3.5% for the day, weighed heavily on the commodity-linked currency – the loonie – and further collaborated to the pair's goodish intraday positive move to the highest level since February 11.

There isn't any major market-moving economic data due for release, either from the US or Canada. Hence, the broader market risk sentiment might continue to influence the USD demand and drive oil prices, which might eventually contribute towards producing some short-term trading opportunities.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3218
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.3218

Trends
Daily SMA20	1.3251
Daily SMA50	1.3147
Daily SMA100	1.3178
Daily SMA200	1.3214

Levels
Previous Daily High	1.327
Previous Daily Low	1.3202
Previous Weekly High	1.328
Previous Weekly Low	1.3202
Previous Monthly High	1.3255
Previous Monthly Low	1.29
Daily Fibonacci 38.2%	1.3227
Daily Fibonacci 61.8%	1.3244
Daily Pivot Point S1	1.319
Daily Pivot Point S2	1.3162
Daily Pivot Point S3	1.3122
Daily Pivot Point R1	1.3258
Daily Pivot Point R2	1.3298
Daily Pivot Point R3	1.3326

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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