USDCAD jumps to test weekly highs around 1.3400


  • Canadian dollar among worst performers of the American session.
  • USDCAD with a bullish tone, about to break 1.3400.
  • Crude Oil tumbles by more than 4%.

The USDCAD is rising sharply during Friday’s American session. It recently hit a fresh daily high at 1.3398 and then pulled back modestly. It is looking at the 1.3400 area, with a bullish tone as Crude Oil tumbles and the US Dollar recovers.

Context favors the US Dollar

Data released in Canada showed the Industrial Product Price Index rose by 2.4% in October above the 0.4% expected. The Raw Material Price Index increased 1.3%, against expectations of a flat reading. The numbers, however, did not help the Canadian Dollar.

Equity prices in Wall Street are trimming gains as Crude Oil prices tumble by more than 4%. At the same time, the US Dollar is strengthening as market sentiment deteriorates and as US yields remain in positive territory.

The context is boosting USDCAD that is testing the 1.3400 area that capped the upside on Thursday. A break higher could open the doors to the next resistance level seen at 1.3460. If the Dollar fails here, a slide back to 1.3300 over the next sessions seems likely. Interim resistance is located at 1.3355.

The USDCAD is about to end the week with a gain of more than 100 pips, ending a five-week negative streak. Prices rebounded from the lowest level in months and also from the 20-week Simple Moving Average.  A weekly close below 1.3250 should point to more declines.

Technical levels

USDCAD

Overview
Today last price 1.3394
Today Daily Change 0.0069
Today Daily Change % 0.52
Today daily open 1.3325
 
Trends
Daily SMA20 1.3508
Daily SMA50 1.354
Daily SMA100 1.3246
Daily SMA200 1.2991
 
Levels
Previous Daily High 1.3401
Previous Daily Low 1.3305
Previous Weekly High 1.3571
Previous Weekly Low 1.3236
Previous Monthly High 1.3978
Previous Monthly Low 1.3496
Daily Fibonacci 38.2% 1.3342
Daily Fibonacci 61.8% 1.3364
Daily Pivot Point S1 1.3286
Daily Pivot Point S2 1.3247
Daily Pivot Point S3 1.3189
Daily Pivot Point R1 1.3382
Daily Pivot Point R2 1.344
Daily Pivot Point R3 1.3479

 

 

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