USD/CAD trades with modest losses, just above mid-1.3300s amid surging oil prices

Haresh Menghani FXStreet

• Surging oil prices underpin Loonie and prompt some fresh selling.
• A modest USD pullback from multi-week tops adds to the pressure.
• The downside remains limited amid holiday-thinned liquidity conditions.

The USD/CAD pair came under some renewed selling pressure at the start of a new trading week, albeit has managed to find some support ahead of mid-1.3300s.

The pair failed to capitalize on last week's goodish up-move and continued with its struggle to sustained/build on the momentum further beyond the 1.3400 round figure mark amid a fresh leg of an upsurge in crude oil prices.

Oil prices rallied over 2% on Monday on reports that the US is set to announce ending Iran sanction waivers, which provided a strong boost to the commodity-linked currency - Loonie and exerted downward pressure on the major.

This coupled with a modest US Dollar pullback from multi-week tops, with bulls trying to defend the 97.00 round figure mark, further collaborated to the pair's weaker tone through the Asian session on Monday.

The downside, however, remained cushioned as investors still seemed reluctant to place any aggressive bets amid holiday-thinned liquidity conditions on the back of Easter Monday holiday in the European markets.

Moving ahead, today's relatively lighter US economic docket, highlighting the only release of existing home sales data, will now be looked upon for some short-term trading impetus later during the early North-American session.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3368
Today Daily Change	-0.0024
Today Daily Change %	-0.18
Today daily open	1.3392

Trends
Daily SMA20	1.336
Daily SMA50	1.3319
Daily SMA100	1.3343
Daily SMA200	1.3211

Levels
Previous Daily High	1.3397
Previous Daily Low	1.3362
Previous Weekly High	1.3404
Previous Weekly Low	1.3274
Previous Monthly High	1.3469
Previous Monthly Low	1.313
Daily Fibonacci 38.2%	1.3384
Daily Fibonacci 61.8%	1.3375
Daily Pivot Point S1	1.337
Daily Pivot Point S2	1.3348
Daily Pivot Point S3	1.3334
Daily Pivot Point R1	1.3405
Daily Pivot Point R2	1.3419
Daily Pivot Point R3	1.3441

Author

Haresh Menghani

FXStreet

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

EUR/USD recovers some early losses driven by rising energy prices amid US-Iran war

The EUR/USD pair claws back some of its early losses during the late Asian trading session on Monday, but is still 0.25% down to near 1.1780. Earlier in the day, the Euro declined sharply against the US Dollar as investors shifted to the safe-haven fleet amid the brutal war between Iran, Israel, and the United States, which broke out over the weekend.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold looks further north as Iran war boosts haven demand

Gold is taking a breather after the initial run to over one-month highs near $5,400, kicking off the new week with a bang. A global flight to safety theme, following the US-Israel joint attacks on Iran over the weekend, bolstered the demand for the traditional store of value, Gold.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.