USD/CAD trudging near 1.3350 as Loonie traders await BoC in the mid-week

The Loonie continues to get undercut by declining oil markets.
This week sees action from the Bank of Canada as well as the US Fed's highly-anticipated rate hike.

Joshua Gibson FXStreet

The USD/CAD pairing sees steady action near 1.3380 after Loonie traders remained nonplussed last week as the pair spiraled around the 1.3350 level, seeing limited gains from the previous week's opening at the 1.3300 handle.

Slumping investor confidence in risk assets as traders fear a growing global economic slowdown and fragile oil prices sees the Canadian dollar stuck at a low point against the greenback; the US Dollar has closed higher against the Loonie for eight of the last eleven straight trading weeks, closing flat for two and only losing moderate ground for a single week. As the Canadian dollar shares its fate with oil prices, shell-shocked energies markets are weakening the CAD as oil prices remain constrained at recent lows.

The economic calendar is a fair to quiet showing in the early stages of this week for the USD/CAD pairing, but the action will fire up on Wednesday when the Bank of Canada's (BoC) Consumer Price Index drops on markets alongside the US Federal Reserve's Policy Statement, Interest Rate Decision, and the FOMC's Economic Projections, where the US Fed is widely expected to hike interest rates one last time in 2018.

USD/CAD Technical Levels

USD/CAD

Overview:
    Today Last Price: 1.3379
    Today Daily change: -1.0 pips
    Today Daily change %: -0.00747%
    Today Daily Open: 1.338
Trends:
    Previous Daily SMA20: 1.3298
    Previous Daily SMA50: 1.3178
    Previous Daily SMA100: 1.3098
    Previous Daily SMA200: 1.3028
Levels:
    Previous Daily High: 1.3402
    Previous Daily Low: 1.3347
    Previous Weekly High: 1.3424
    Previous Weekly Low: 1.3292
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3381
    Previous Daily Fibonacci 61.8%: 1.3368
    Previous Daily Pivot Point S1: 1.3351
    Previous Daily Pivot Point S2: 1.3321
    Previous Daily Pivot Point S3: 1.3295
    Previous Daily Pivot Point R1: 1.3406
    Previous Daily Pivot Point R2: 1.3432
    Previous Daily Pivot Point R3: 1.3461

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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