USD/CAD rising back into 1.3650 as risk-off markets pick up the Greenback

Risk aversion kicks off the new trading year as economic fears resume.
The post-holiday markets, surprised by negative China data, are in retreat mode to open January's trading.

Joshua Gibson FXStreet

USD/CAD greets the new trading year for 2019 with a fresh round of risk-off trading, sending investors back-pedaling into the US Dollar and sending the Dollar-Loonie pairing back into recent highs as the same problems that plagued markets into the bitter end of 2018 have followed through into 2019.

Crude markets remain fully deflated, and the Loonie finds itself without a solid floor to stand on as the CAD struggles to maintain balance against the steady-marching Greenback. Energies markets have been beaten into submission on crude barrel prices, and American oil barrels via WTI are still trading into the rock-bottom price of 45.00/barrel.

US economic data is thin for Wednesday, but broad-market sentiment is seeing pickup in the USD almost entirely across the board, and USD/CAD is pinned into near-term highs as buyers look for a break into 1.3680.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.3652
    Today Daily change: 12 pips
    Today Daily change %: 0.0880%
    Today Daily Open: 1.364
Trends:
    Previous Daily SMA20: 1.3513
    Previous Daily SMA50: 1.3317
    Previous Daily SMA100: 1.3166
    Previous Daily SMA200: 1.3067
Levels:
    Previous Daily High: 1.3658
    Previous Daily Low: 1.3422
    Previous Weekly High: 1.4134
    Previous Weekly Low: 1.3564
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3512
    Previous Daily Fibonacci 61.8%: 1.3568
    Previous Daily Pivot Point S1: 1.3489
    Previous Daily Pivot Point S2: 1.3337
    Previous Daily Pivot Point S3: 1.3252
    Previous Daily Pivot Point R1: 1.3725
    Previous Daily Pivot Point R2: 1.381
    Previous Daily Pivot Point R3: 1.3962

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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