USD/CAD slides to 2-1/2 month lows, around 1.3100 handle


  • The prevalent USD selling bias kept exerting downward pressure on Monday.
  • Bearish traders seemed rather unaffected by a sudden drop in Crude Oil prices.

The USD/CAD pair dropped to 2-1/2 month lows in the last hour, with bears now eyeing some follow-through weakness below the 1.3100 round-figure mark.
 
Following a brief consolidation during the Asian session, the pair turned lower for the third consecutive session on Monday and was seen extending its recent sharp pullback from the 1.3345-50 supply zone.

Weaker USD offsets sliding Oil prices

The prevalent US Dollar selling bias, despite a goodish intraday pickup in the US Treasury bond yields, was seen as one of the key factors exerting some fresh downward pressure on the first day of a new trading week.
 
Meanwhile, the intraday downtick seemed rather unaffected by a sharp fall in Crude Oil prices, which tend to undermine demand for the commodity-linked currency – Loonie, albeit might help limit deeper losses.
 
Signs of ample global oil supply along with growing concerns about economic growth in China, the world's largest oil importer, dragged Crude Oil prices lower for a second straight session on Monday.
 
It will now be interesting to see if the pair is able to find any support at lower levels or continues with its bearish trajectory amid absent relevant market-moving economic releases – either from the US or Canada.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3107
Today Daily Change -0.0019
Today Daily Change % -0.14
Today daily open 1.3126
 
Trends
Daily SMA20 1.3253
Daily SMA50 1.326
Daily SMA100 1.3227
Daily SMA200 1.3285
 
Levels
Previous Daily High 1.315
Previous Daily Low 1.312
Previous Weekly High 1.3248
Previous Weekly Low 1.312
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3131
Daily Fibonacci 61.8% 1.3138
Daily Pivot Point S1 1.3114
Daily Pivot Point S2 1.3102
Daily Pivot Point S3 1.3083
Daily Pivot Point R1 1.3144
Daily Pivot Point R2 1.3162
Daily Pivot Point R3 1.3174

 

 

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