USD/CAD rises further above 1.3200, hits ten-day highs

  • USD/CAD gains almost a hundred pips at the beginning of the week.
  • Loonie among worst performers as crude oil tumbles.

The USD/CAD rose further during the American session and climbed to 1.3218, reaching the highest level since October 16. As of writing, it trades at 1.3210, up almost a hundred pips from Friday’s close.

A decline in WTI weighs on CAD ahead of BoC

The loonie is the worst performer among commodity currencies on Monday. The sharp decline in crude oil weighed on the CAD. The WTI barrel is under pressure hovering around $38.70, down almost 3% on the day.

At the same time, the greenback remains strong across the board amid risk aversion. The Dow Jones is falling 2.50%, and the Nasdaq declines 1.70%. The DXY is trading at 93.00, testing Friday’s top. The dollar is posting gains even against the yen and despite a retreat in US yields.

Market participants ignored economic data from the US. The negative surprise came from an unexpected decline in New Home Sales. In Canada, attention turns to the Bank of Canada policy meeting on Wednesday. The meeting “will be crafted to meet the Hippocratic oath: first do not harm. As a result, its intent will be to restrict itself to some fine tuning, and avoid any major shifts in a monetary policy stance that is working well, in an economy that isn’t,” explained strategists at CIBC.

Technical levels


Today last price 1.3206
Today Daily Change 0.0081
Today Daily Change % 0.62
Today daily open 1.3125
Daily SMA20 1.3218
Daily SMA50 1.3199
Daily SMA100 1.3342
Daily SMA200 1.3542
Previous Daily High 1.316
Previous Daily Low 1.3109
Previous Weekly High 1.3204
Previous Weekly Low 1.3081
Previous Monthly High 1.3421
Previous Monthly Low 1.2994
Daily Fibonacci 38.2% 1.3129
Daily Fibonacci 61.8% 1.3141
Daily Pivot Point S1 1.3103
Daily Pivot Point S2 1.3081
Daily Pivot Point S3 1.3052
Daily Pivot Point R1 1.3154
Daily Pivot Point R2 1.3183
Daily Pivot Point R3 1.3205



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