USD/CAD ticking towards 1.3650

The Loonie continues to suffer at the hands of slumping barrel prices.
The US remains the principal over-producer of crude oil, flooding the market and giving the USD/CAD pair a free hand.

Joshua Gibson FXStreet

USD/CAD is cycling near 1.3630 as the Canadian Loonie, hampered by lagging oil prices, plays towards the downside, giving up steady ground to the Greenback heading into the weekend.

Despite frequent bouts of weakness for the USD as broader markets swing into and out of the risk appetite camp at a frenetic pace, USD/CAD remains a steadily-trending pair as slumping prices buries the CAD, and the Dollar-Loonie pairing is set for a continued run up the charts as long as the US remains the world's largest over-producer of crude oil, pushing the oil-dependent Loonie out of the fx market.

Next week's economic calendar is devoid of any meaningful CAD-based data, leaving the major pair to continue trading in tandem with flagging oil prices.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.3623
    Today Daily change: 6.0 pips
    Today Daily change %: 0.0441%
    Today Daily Open: 1.3617
Trends:
    Previous Daily SMA20: 1.3453
    Previous Daily SMA50: 1.3284
    Previous Daily SMA100: 1.3149
    Previous Daily SMA200: 1.3057
Levels:
    Previous Daily High: 1.3662
    Previous Daily Low: 1.3566
    Previous Weekly High: 1.3602
    Previous Weekly Low: 1.3372
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3625
    Previous Daily Fibonacci 61.8%: 1.3603
    Previous Daily Pivot Point S1: 1.3569
    Previous Daily Pivot Point S2: 1.352
    Previous Daily Pivot Point S3: 1.3474
    Previous Daily Pivot Point R1: 1.3664
    Previous Daily Pivot Point R2: 1.371
    Previous Daily Pivot Point R3: 1.3759

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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