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.

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

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures