- WTI closes in on $62 to help CAD stay strong.
- US Dollar Index extends slide after erasing 0.7% last week.
- Coming up: Pending Home Sales and Dallas Fed Manufacturing Index from US.
The USD/CAD pair erased 160 pips last week pressured bu rising crude oil prices and the broad-based selling pressure surrounding the USD. After touching its lowest level in two months at 1.3062 on Friday, the pair seems to have gone into a consolidation phase on Monday and was last down 0.06% on the day at 1.3069.
Crude oil rally continues
Easing concerns over a protracted US-China trade war and upbeat macroeconomic data releases from China helped crude oil preserve its bullish momentum toward the end of the year. The barrel of West Texas Intermediate added 2.17% last week and registered weekly gains for the fourth straight time to help the commodity-sensitive loonie outperform its major rivals. At the moment, the WTI is posting modest daily gains near $61.80.
On the other hand, the greenback struggled to find demand despite a lack of fundamental drivers. The upbeat market mood as reflected by rising global equity indexes' last week made it difficult for the relatively safer USD to attract investors. The US Dollar Index lost 0.7% last week and continued to edge lower on Monday. As of writing, the index was down 0.25% on a daily basis at 96.77.
Later in the session, Pending Home Sales and the Federal Reserve Bank of Dallas' Manufacturing Index data will be looked upon for fresh impetus.
Technical levels to watch for
|Today last price||1.3068|
|Today Daily Change||-0.0015|
|Today Daily Change %||-0.11|
|Today daily open||1.3083|
|Previous Daily High||1.3127|
|Previous Daily Low||1.3064|
|Previous Weekly High||1.3272|
|Previous Weekly Low||1.3064|
|Previous Monthly High||1.3328|
|Previous Monthly Low||1.3114|
|Daily Fibonacci 38.2%||1.3088|
|Daily Fibonacci 61.8%||1.3103|
|Daily Pivot Point S1||1.3056|
|Daily Pivot Point S2||1.3029|
|Daily Pivot Point S3||1.2994|
|Daily Pivot Point R1||1.3119|
|Daily Pivot Point R2||1.3154|
|Daily Pivot Point R3||1.3181|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.