USD/CAD ticks higher to mid-1.3400s amid weaker Oil prices

Haresh Menghani FXStreet

• The ongoing slide in oil prices weigh on Loonie and helped gain some traction.
• Subdued USD demand/holiday-thinned liquidity conditions seemed to cap gains.

The USD/CAD pair edged higher at the start of a new trading week and is currently placed at session tops, recovering a part of Friday's intraday slide.

The pair extended its rejection slide from the key 1.3500 psychological mark and lost some additional ground on Friday, weighed down by a follow-through US Dollar retracement from two-year tops following the disappointing release of US durable goods orders data.

The USD bulls held on the defensive through the early European session on Monday amid growing bets for a Fed rate cut, albeit some renewed weakness in Crude Oil prices undermined demand for the commodity-linked currency - Loonie and provided a minor boost to the major.

In fact, WTI Crude Oil prices added to last week's heavy losses - the biggest this year, and declined further amid concerns over any further deterioration in the US-China trade disputes and signs of a slowdown in the global economic growth.

The uptick, however, lacked any strong conviction as investors now seemed reluctant to place any aggressive bets amid absent relevant fundamental catalyst and relatively thin liquidity conditions on the back of holidays in the UK and US.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3446
Today Daily Change	0.0010
Today Daily Change %	0.07
Today daily open	1.3436

Trends
Daily SMA20	1.3448
Daily SMA50	1.3402
Daily SMA100	1.3332
Daily SMA200	1.3254

Levels
Previous Daily High	1.3484
Previous Daily Low	1.343
Previous Weekly High	1.3503
Previous Weekly Low	1.3357
Previous Monthly High	1.3522
Previous Monthly Low	1.3274
Daily Fibonacci 38.2%	1.3451
Daily Fibonacci 61.8%	1.3463
Daily Pivot Point S1	1.3416
Daily Pivot Point S2	1.3397
Daily Pivot Point S3	1.3363
Daily Pivot Point R1	1.347
Daily Pivot Point R2	1.3503
Daily Pivot Point R3	1.3523

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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