USD/CAD keeps the red below 1.3200 handle, over 1-month lows


  • USD/CAD edges lower on Friday amid some renewed USD selling bias.
  • Softer US retail sales did little to provide any respite to the USD bulls.
  • Bullish oil prices underpinned the loonie and further exerted some pressure.

The USD/CAD pair has managed to recover a major part of the early slide to over one-month lows and might now be headed towards the top end of its daily trading range.

Having failed to capitalize on the previous session's attempted bounce, the pair came under some renewed selling pressure on the last trading day of the week and was being weighed down by a combination of negative factors.

A fresh wave of selling pressure surrounding the US dollar, primarily on the back of a strong upsurge in the British pound, was seen as one of the key factors behind the pair's negative move for the fourth session in the previous five.

It is worth recalling that the sterling rallied across the board on Friday after the incumbent Prime Minister Boris Johnson's Conservative Party recorded a landslide victory in the most important UK general election.

The USD bearish pressure remained unabated following the disappointing US monthly retail sales figures for November, though were largely offset by an upward revision of the previous month's readings.

Apart from the USD weakness, some follow-through pickup in crude oil prices provided an additional boost to the commodity-linked currency – loonie and further collaborated to the pair's intraday slide.

Oil prices started losing traction in reaction the US President Donald Trump's latest trade-related comments that the overnight WSJ report on China deal is completely wrong, which extended some support.

It will now be interesting to see if the pair is able to register any meaningful recovery or continues with its bearish consolidation phase amid nervousness ahead of the December 15 deadline for new US tariffs.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3176
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.318
 
Trends
Daily SMA20 1.3253
Daily SMA50 1.3211
Daily SMA100 1.3233
Daily SMA200 1.3277
 
Levels
Previous Daily High 1.3194
Previous Daily Low 1.3162
Previous Weekly High 1.3322
Previous Weekly Low 1.3158
Previous Monthly High 1.3328
Previous Monthly Low 1.3114
Daily Fibonacci 38.2% 1.3174
Daily Fibonacci 61.8% 1.3182
Daily Pivot Point S1 1.3163
Daily Pivot Point S2 1.3146
Daily Pivot Point S3 1.313
Daily Pivot Point R1 1.3196
Daily Pivot Point R2 1.3212
Daily Pivot Point R3 1.3229

 

 

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