USD/CAD pares early losses, trades flat around 1.2690

USD/CAD is trading flat above 1.2680 ahead of American session.
US Dollar Index continues to edge higher toward 93.00.
WTI clings to modest daily gains above $70 on Monday.

Eren Sengezer FXStreet

The USD/CAD pair closed the previous week in the positive territory but seems to be having a difficult time making a decisive move in either direction on Monday. After declining to a daily low of 1.2660 during the European trading hours, the pair staged a rebound and was last seen trading near Friday's closing level at 1.2690.

DXY closes in on 93.00

Earlier in the day, rising crude oil prices helped the commodity-related loonie gather strength against its American counterpart. The barrel of West Texas Intermediate (WTI) climbed to its highest level in more than a month at $70.75 but lost its bullish momentum. As of writing, WTI was up 0.7% at $70.08.

On the other hand, the renewed USD strength is providing a boost to USD/CAD at the start of the week. The US Dollar Index (DXY), which gained nearly 6% last week, is currently rising 0.26% at 92.88. Nevertheless, US stock index futures are up around 0.5% ahead of Wall Street's opening bell, suggesting that the upbeat market mood could limit the DXY's upside in the second half of the day.

There won't be any high-tier macroeconomic data releases in the remainder of the day and investors will be waiting for the US Bureau of Labor Statistics' August Consumer Price Index (CPI) figures that will be published on Tuesday.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2687
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.2693

Trends
Daily SMA20	1.264
Daily SMA50	1.2575
Daily SMA100	1.2388
Daily SMA200	1.2527

Levels
Previous Daily High	1.2696
Previous Daily Low	1.2583
Previous Weekly High	1.2762
Previous Weekly Low	1.2518
Previous Monthly High	1.2949
Previous Monthly Low	1.2453
Daily Fibonacci 38.2%	1.2653
Daily Fibonacci 61.8%	1.2626
Daily Pivot Point S1	1.2618
Daily Pivot Point S2	1.2544
Daily Pivot Point S3	1.2506
Daily Pivot Point R1	1.2731
Daily Pivot Point R2	1.277
Daily Pivot Point R3	1.2844

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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