USD/CAD slides to 1-week lows, further below 1.3300 mark

USD/CAD remains under some selling pressure for the second straight session.
The corrective slide seemed unaffected by the bullish sentiment around USD.
Rebounding oil prices underpinned the loonie and exerted some pressure.

Haresh Menghani FXStreet

The USD/CAD pair weakened further below the 1.3300 round-figure mark and dropped to one-week lows during the early European session.

The pair extended this week's retracement slide from four-month tops and remained under some selling pressure for the second consecutive session, unaffected by the prevalent bullish sentiment surrounding the US dollar.

USD/CAD weighed down by recovering oil prices

The greenback stood tall near multi-month tops, above mid-98.00s, and got an additional boost from the risk-on mood-led goodish intraday pickup in the US Treasury bond yields, albeit did little to impress bullish traders.

A strong bounce in crude oil prices, now up over 1.5% for the day, underpinned demand for the commodity-linked currency – the loonie and turned out to be one of the key factors prompting some follow-through long-unwinding.

Oil prices recovered further from 13-month lows set earlier this week and remained well supported by improving global risk sentiment. However, concerns over the economic impact from the outbreak of coronavirus might cap gains.

Hence, it will be prudent to wait for some strong follow-through buying before confirming that the pair might have topped out in the near-term and positioning for any further near-term depreciating move amid absent market-moving economic releases.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3274
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.3289

Trends
Daily SMA20	1.3188
Daily SMA50	1.3141
Daily SMA100	1.3181
Daily SMA200	1.3223

Levels
Previous Daily High	1.3324
Previous Daily Low	1.3276
Previous Weekly High	1.3321
Previous Weekly Low	1.323
Previous Monthly High	1.3255
Previous Monthly Low	1.29
Daily Fibonacci 38.2%	1.3294
Daily Fibonacci 61.8%	1.3306
Daily Pivot Point S1	1.3269
Daily Pivot Point S2	1.3248
Daily Pivot Point S3	1.3221
Daily Pivot Point R1	1.3317
Daily Pivot Point R2	1.3344
Daily Pivot Point R3	1.3365

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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