USD/CAD trapped just below 1.3300 as crude prices push pair along

CAD up on rising oil prices, helped along by declining US barrel/rig counts.
With no other changes expected in crude markets, the Loonie is set to lose momentum once again.

Joshua Gibson FXStreet

USD/CAD is now cycling tightly around 1.3270, consolidating in early Wednesday action after dipping into 1.3180 to end Tuesday's trading.

Oil prices managed to knock higher on declining US supply buildup, and boosted crude oil prices sent the CAD a step higher against the US Dollar. The Loonie remains entirely dependent on crude oil action to deliver directional momentum, and prices could see themselves stuck where they are for the time being with no further action from OPEC expected in the near term and expectations of rising global demand for crude to continue easing against US supply numbers, which remain high despite recent reductions.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.3258
    Today Daily change: -11 pips
    Today Daily change %: -0.0829%
    Today Daily Open: 1.3269
Trends:
    Previous Daily SMA20: 1.3486
    Previous Daily SMA50: 1.3362
    Previous Daily SMA100: 1.3193
    Previous Daily SMA200: 1.3091
Levels:
    Previous Daily High: 1.3296
    Previous Daily Low: 1.3226
    Previous Weekly High: 1.339
    Previous Weekly Low: 1.318
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3253
    Previous Daily Fibonacci 61.8%: 1.3269
    Previous Daily Pivot Point S1: 1.3232
    Previous Daily Pivot Point S2: 1.3195
    Previous Daily Pivot Point S3: 1.3163
    Previous Daily Pivot Point R1: 1.3301
    Previous Daily Pivot Point R2: 1.3333
    Previous Daily Pivot Point R3: 1.337

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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