USD/CAD under pressure amid resurgent oil prices

CAD appreciates despite the sour tone of US equities.
Oil prices reached fresh 2019 highs after President Trump said the US wouldn't renew Iranian oil waivers.

FXStreet Team FXStreet

The Loonie is the most active in dull holiday trading, with the USD/CAD pair trading at around 1.3340. The Canadian dollar strengthened on the back of resurgent oil prices, which got boosted by news that US President Trump has decided not to renew Iranian oil waivers, aiming to bring Iran's oil exports to zero and denying the regime its principal source of revenue. According to Washington sources, countries importing oil from Iran will be subject to sanctions starting May 2. The barrel of West Texas Intermediate crude hit $65.70, a level last seen by the ends of October 2018.

The USD/CAD has been unable to find a clear direction this month, confined to a range limited by 1.3273 on the downside and 1.3402 to the upside, now trading midway such a range at around 1.3340. In the daily chart, the 100 DMA provides Immediate support at 1.3330, while the 200 DMA maintains its upward slope at around 1.3090. However, and in the same chart, technical indicators have been seesawing around their midlines without a certain strength, reflecting the ongoing range.

USD/CAD

Overview
Today last price	1.3342
Today Daily Change	-0.0050
Today Daily Change %	-0.37
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

FXStreet Team

FXStreet

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