USD/CAD refreshes session tops, back closer to mid-1.3200s

Rebounding US bond yields helped the USD to regain some positive traction.
A pullback in Oil prices undermined Loonie and provided an additional boost.

Haresh Menghani FXStreet

The greenback picked up some pace in the last hour and lifted the USD/CAD pair to fresh session tops, around the 1.3235 region, back closer to the top end of a four-day-old trading range.

A combination of supporting factors helped the pair to regain some positive traction and rally around 45-50 pips from an early slide to sub-1.3200 level. A goodish rebound in the US Treasury bond yields - amid some signs of stability in the global financial markets, underpinned the US Dollar demand and helped gain some traction.

Apart from this, an intraday pullback in Crude Oil prices - now retreating farther below the $55.00/barrel mark, dented demand for the commodity-linked currency - Loonie and further collaborated to the pair's solid intraday bounce, with bulls now eyeing a move back towards challenging multi-week tops set last week.

It, however, remains to be seen if the pair is able to capitalize on the positive momentum or once again runs into some fresh supply at higher levels amid the recent escalation in trade tensions between the world's two largest economies and absent relevant market-moving economic releases - either from the US or Canada.

Meanwhile, scheduled speeches by FOMC speakers - Chicago Fed President Charles Evans and St. Louis Fed President James Bullard, might influence the USD price dynamics and produce some short-term opportunities during the North-American session.

Technical levels to watch

USD/CAD

Overview
Today last price	1.323
Today Daily Change	0.0022
Today Daily Change %	0.17
Today daily open	1.3208

Trends
Daily SMA20	1.3123
Daily SMA50	1.3214
Daily SMA100	1.3309
Daily SMA200	1.3307

Levels
Previous Daily High	1.325
Previous Daily Low	1.3178
Previous Weekly High	1.3267
Previous Weekly Low	1.3106
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3205
Daily Fibonacci 61.8%	1.3222
Daily Pivot Point S1	1.3174
Daily Pivot Point S2	1.314
Daily Pivot Point S3	1.3102
Daily Pivot Point R1	1.3246
Daily Pivot Point R2	1.3284
Daily Pivot Point R3	1.3318

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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