USD/CAD rises in tandem with DXY

Dhwani Mehta FXStreet

The USD/CAD pair ignores the oil-price strength and rises sharply in the Asian session, lock-stepping in with the US dollar.

USD/CAD targets 50-DMA at 1.3199?

Currently, the USD/CAD pair advances +0.27% to 1.3141, having posted daily tops at 1.3149 last hour. The major is seen consolidating the Asian recovery well beyond 1.31 handle, largely in response to pick-up in US dollar demand across the board. The USD index rises +0.28% to 101.20, extending gains for the third straight session.

Markets prefer to hold the US currency ahead of the Fedspeaks and FOMC minutes scheduled this week, while greenback also recovers grounds on increased expectations surrounding Trump’s tax policies, especially the border tax.

Focus now remains on the USD dynamics, while sentiment around the black gold will also play a key role amid a lack of significant economic releases slated today from both the North American nations.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3150 (psychological levels) and 1.3199 (50-DMA) and from there to 1.3215 (Feb 15 high). To the downside, immediate support might be located at 1.3100 (daily low) and below that at 1.3079 (daily S2) and at 1.3057 (Feb 17 low).

1. R3 1.3121
2. R2 1.3112
3. R1 1.3101
PP 1.3092
1. S1 1.3080
2. S2 1.3071
3. S3 1.3060

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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