USD/CAD remains directionless near mid-1.31s as oil rally caps upside


  • Factory Orders in the US fell at a stronger pace than expected.
  • US Dollar Index clings to recovery gains despite uninspiring data.
  • WTI trades at its highest level since late September above $57.

The USD/CAD pair struggles to make a decisive move in either direction on Monday as the surging crude oil prices help the commodity-sensitive CAD stay resilient against the USD. As of writing, the pair was up only 0.07% on the day at 1.3144.

Oil rallies on Monday

Earlier in the day, Iranian Oil Minister Bijan Zanganeh told reporters that he expects the Organization of the Petroleum Exporting Countries (OPEC) to agree to further reduce the oil output at the organization's next meeting in December. Additionally, easing concerns over a protracted trade conflict between the United States (US) and China following reports of sides moving closer to finalizing the phase of the trade deal provided an additional boost to crude oil prices. At the moment, the barrel of West Texas Intermediate is trading at its highest level since late September at $57.30, adding 2.15% on the day.

On the other hand, rising US Treasury bond yields on Monday seem to be helping the Greenback recover last week's losses despite the mixed macroeconomic data releases. After closing the previous week 0.7% lower, the US Dollar Index is now up 0.3% on the day at 97.40.

The data published by the US Census Bureau on Monday showed that Factory Orders contracted by 0.6% in September following August's decline of 0.1% and came in worse than the market estimate of -0.5%. In the meantime, the ISM NY's Business Conditions Index improved 47.7 in October from 42.8 in September.

Technical levels to consider

USD/CAD

Overview
Today last price 1.3148
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.3142
 
Trends
Daily SMA20 1.3166
Daily SMA50 1.3222
Daily SMA100 1.3202
Daily SMA200 1.3276
 
Levels
Previous Daily High 1.3196
Previous Daily Low 1.3132
Previous Weekly High 1.3209
Previous Weekly Low 1.3042
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3157
Daily Fibonacci 61.8% 1.3172
Daily Pivot Point S1 1.3117
Daily Pivot Point S2 1.3093
Daily Pivot Point S3 1.3053
Daily Pivot Point R1 1.3181
Daily Pivot Point R2 1.3221
Daily Pivot Point R3 1.3245

 

 

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