USD/CAD slides to 2-week lows, further below mid-1.3200s


  • USD/CAD meets with some fresh supply and drops to two-week lows.
  • Stronger oil prices underpinned the loonie and exerted some pressure.
  • The USD remains on the defensive post-mixed US monthly retail sales.

The USD/CAD pair maintained its offered tone through the early North-American session and dropped to fresh two-week lows, around the 1.3235 region in the last hour.

The pair met with some fresh supply on Friday and reversed the previous session's positive move amid a modest pickup in crude oil prices, which tend to underpin demand for the commodity linked currency – the loonie.

A subdued USD adds to the selling bias

The pair edged lower for the third session in the previous four and was further pressurized by a subdued US dollar price action, which remained on the defensive on the back of a fresh leg of a downfall in the US Treasury bond yields.

The intraday bearish pressure remained unabated following the release of mixed US monthly retail sales data. The headline and the core figures came in to show a modest growth of 0.3% but were largely offset by weaker Retail Sales Control Group.

Friday's US economic docket also features the release of the Michigan Consumer Sentiment Index. This coupled with the Baker Hughes report on the number of oil and gas rigs might produce some short-term trading opportunities.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3238
Today Daily Change -0.0025
Today Daily Change % -0.19
Today daily open 1.3263
 
Trends
Daily SMA20 1.3209
Daily SMA50 1.3144
Daily SMA100 1.318
Daily SMA200 1.322
 
Levels
Previous Daily High 1.3272
Previous Daily Low 1.324
Previous Weekly High 1.3321
Previous Weekly Low 1.323
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.326
Daily Fibonacci 61.8% 1.3253
Daily Pivot Point S1 1.3244
Daily Pivot Point S2 1.3226
Daily Pivot Point S3 1.3212
Daily Pivot Point R1 1.3277
Daily Pivot Point R2 1.3291
Daily Pivot Point R3 1.3309

 

 

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