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


   •  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

 

 

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


Latest Forex News

Editors’ Picks

EUR/USD falls below 1.1850 as US consumer sentiment beats

EUR/USD is trading under1.1850, off the previous levels as US consumer sentiment beat estimates with 78.9 points. The Fed refrained from adding more stimulus, supporting the dollar earlier in the week. Investors are eyeing fiscal stimulus talks.

EUR/USD News

GBP/USD falls as the EU reportedly objects Johnson's bill

GBP/USD is trading around 1.2950, off the highs. According to reports, the EU remains opposed to UK PM Johnson's controversial bill, which violates the Brexit accord. 

GBP/USD News

XAU/USD struggles to move back above 100-hour SMA

Gold regained some positive traction on the last trading day of the week and recovered a part of the previous day's losses to over one-week lows. The commodity held on to its intraday gains and traded above the $1950 level through the mid-European session.

Gold News

Ethereum hits Bitcoin's bid to lead the market

Bitcoin risks dominance after the strong rise of Ethereum. Technical indicators show some significant discrepancies keeping the stress on the board. Sentiment levels are improving and bordering on optimism.

Read more

After yesterday's JMMC meeting WTI settles near $40 per barrel

WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures