USD/CAD jumps to session tops, bulls eyeing a move beyond 1.3700 mark


  • USD/CAD reversed an early dip to 1.3650-45 region amid a goodish intraday USD rebound.
  • A modest pickup in crude oil prices underpinned the loonie and capped gains for the pair.

The USD/CAD pair refreshed daily tops during the early North American session, with bulls now eyeing a sustained move beyond the 1.3700 round-figure mark.

The pair managed to reverse an early dip to the 1.3650-45 region and has now moved back into the positive territory. After spending a major part of Monday's trading session in the red, the US dollar staged a goodish intraday bounce and was seen as one of the key factors behind the USD/CAD pair's uptick of around 50 pips.

Investors remain concerned a surge in the number of coronavirus cases could trigger renewed lockdown measures. This, in turn, dampened prospects for a sharp V-shaped global economic recovery and continued weighing on investors' sentiment. The prevalent cautious mood extended some support to the greenback's relative safe-haven status.

The USD got an additional boost following the release of stronger-than-expected Pending Home Sales data, which surpassed even the most optimistic estimates and recorded a strong growth of 44.3% MoM in May. However, a positive turnaround in oil prices underpinned the commodity-linked currency – the loonie – and capped the upside for the USD/CAD pair.

Hence, it will be prudent to wait for some follow-through buying beyond Friday's swing high, around the 1.3715 region, before traders start positioning for any further near-term appreciating move. Above the mentioned barrier, the USD/CAD pair seems all set to climb further beyond mid-1.3700s, towards reclaiming the 1.3800 round-figure mark.

Technical levels to watch

USD/CAD

Overview
Today last price 1.369
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.3687
 
Trends
Daily SMA20 1.3544
Daily SMA50 1.3817
Daily SMA100 1.3796
Daily SMA200 1.3488
 
Levels
Previous Daily High 1.3716
Previous Daily Low 1.3628
Previous Weekly High 1.3716
Previous Weekly Low 1.3486
Previous Monthly High 1.4173
Previous Monthly Low 1.3715
Daily Fibonacci 38.2% 1.3682
Daily Fibonacci 61.8% 1.3662
Daily Pivot Point S1 1.3638
Daily Pivot Point S2 1.3589
Daily Pivot Point S3 1.355
Daily Pivot Point R1 1.3726
Daily Pivot Point R2 1.3765
Daily Pivot Point R3 1.3814

 

 

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