USD/CAD struggles to shakes off bearish pressure, trades around 1.3070

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.

Eren Sengezer FXStreet

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

USD/CAD

Overview
Today last price	1.3068
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.3083

Trends
Daily SMA20	1.3181
Daily SMA50	1.319
Daily SMA100	1.3225
Daily SMA200	1.3265

Levels
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

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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