USD/CAD sits near session tops, just above mid-1.3000s


  • USD/CAD once again finds some support near the 1.3030-25 region.
  • Some follow-through USD buying remained supportive of the move.
  • Bulls largely shrug off a positive tone surrounding crude oil prices.

The USD/CAD pair rebounded around 20-25 pips from the early European session lows and refreshed session tops, around the 1.3055-60 region in the last hour.

The pair once again managed to find decent support near the 1.3030-25 strong horizontal zone (weekly lows) and has now moved into the positive territory amid a goodish pickup in the US dollar demand.

USD/CAD gains traction amid renewed USD buying

Following a brief consolidation through the early European session, the greenback regained some traction on Friday and was being supported by a positive tone surrounding the US Treasury bond yields.

The prevalent risk-on mood – amid the latest optimism over the long-awaited US-China phase one trade deal – allowed the US bond yields to add to the overnight gains led by mostly upbeat US macro data.

The intraday positive move of USD/CAD back above mid-1.3000s seemed rather unaffected by a modest uptick in crude oil prices, which tends to underpin demand for the dollar-denominated commodity – the loonie.

On the economic data front, Friday’s mixed US housing market data – Building Permits and Housing Starts – did little to provide any meaningful impetus to the major and passed largely unnoticed.

Friday’s US economic docket also features the release of Prelim UoM Consumer Sentiment, which will now be looked upon for some short-term trading opportunities on the last day of the week.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3057
Today Daily Change 0.0017
Today Daily Change % 0.13
Today daily open 1.304
 
Trends
Daily SMA20 1.3059
Daily SMA50 1.3163
Daily SMA100 1.3188
Daily SMA200 1.3242
 
Levels
Previous Daily High 1.3057
Previous Daily Low 1.3032
Previous Weekly High 1.3106
Previous Weekly Low 1.2956
Previous Monthly High 1.3322
Previous Monthly Low 1.2951
Daily Fibonacci 38.2% 1.3041
Daily Fibonacci 61.8% 1.3047
Daily Pivot Point S1 1.3029
Daily Pivot Point S2 1.3018
Daily Pivot Point S3 1.3004
Daily Pivot Point R1 1.3054
Daily Pivot Point R2 1.3068
Daily Pivot Point R3 1.3079

 

 

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