USD/CAD rises in tandem with DXY

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
  1. PP 1.3092
    1. S1 1.3080
    2. S2 1.3071
    3. S3 1.3060

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.