USD/CAD resumes upside and prints fresh highs near 1.4050

US dollar prints fresh highs across the board, DXY up by 0.55%.
Loonie retreats as crude oil erases gains and on risk aversion.

Matías Salord FXStreet

The USD/CAD broke above 1.4015 and climbed to 1.4042, reaching a fresh daily high. Previously it corrected lower to 1.3975 following a rally in crude oil prices. As of writing, it trades at 1.4030, up more than a hundred pips for the day.

WTI retreats, and so does the loonie

The Canadian dollar rose a few hours ago when the WTI jumped toward $26.00 on news that Saudi Arabia announced additional voluntary cuts to oil production. The rally in crude was short-lived, and so the recovery of loonie lost strength quickly.

Also, a stronger US dollar boosted the USD/CAD further. The greenback reached fresh highs over the last hours against majors and even versus commodity currencies. The broad-based USD strength takes place amid higher US yields. The 10-years yield rose above 0.70%, the highest since last Thursday.

USD/CAD technical outlook

On Friday the USD/CAD posted a daily close near April lows and technicals were pointing toward a test of the critical support at 1.3850. The reversal pushed the pair far from the key level, suggesting that the wide consolidation range remains in place.

Since April the pair has been moving sideways around 1.4040, where the flat 20-day moving average stands. A close below 1.3850 would point to further losses while on the upside above 1.4150 should lead to 1.4200 and probably to a test of 1.4260/70 (mid-April high).

USD/CAD

Overview
Today last price	1.3927
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.3927

Trends
Daily SMA20	1.404
Daily SMA50	1.4005
Daily SMA100	1.3586
Daily SMA200	1.3408

Levels
Previous Daily High	1.3993
Previous Daily Low	1.3909
Previous Weekly High	1.4173
Previous Weekly Low	1.3909
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.3941
Daily Fibonacci 61.8%	1.3961
Daily Pivot Point S1	1.3893
Daily Pivot Point S2	1.3859
Daily Pivot Point S3	1.3808
Daily Pivot Point R1	1.3977
Daily Pivot Point R2	1.4027
Daily Pivot Point R3	1.4061

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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