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NEWS :USD/CAD consolidates in a range, just above 1.3400 handle

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USD/CAD consolidates in a range, just above 1.3400 handle

  • The USD fails to build on Friday’s goodish up-move and capped gains.
  • Weaker Oil prices undermine Loonie and helped limit the downside.

The USD/CAD pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band above the 1.3400 handles.

The pair failed to capitalize on last week’s solid rebound from multi-month lows, with a combination of diverging forces failing to provide any meaningful impetus and leading to a subdued action at the start of a new trading week.

The USDOLLAR  struggled to gain any follow-through traction or build on Friday’s goodish up-move that came following the release of US monthly retail sales data, which dampened prospects for an immediate policy easing by the Fed.

Meanwhile, the downside remained cushioned amid some renewed weakness in Crude Oil prices, which undermined demand for the commodity-linked currency – Loonie and further collaborated to the range-bound price action on Monday.

Despite the recent escalation in the geopolitical tensions following attacks on two oil tankers near the Strait of Hormuz, concern Oil Price.

Investors also seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines ahead of the next big event risk – the highly anticipated  FOMC monetary policy update, scheduled to be announced on Wednesday.

In the meantime, traders are likely to take cues from the US Econimic Docket – featuring the release of Empire State Manufacturing Index, in order to grab some short-term trading opportunities later during the early North-American session.

Technical levels to watch

USD/CAD

Overview
Today last price 1.341
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.3414
Trends
Daily SMA20 1.3408
Daily SMA50 1.3413
Daily SMA100 1.335
Daily SMA200 1.3281
Levels
Previous Daily High 1.3424
Previous Daily Low 1.3324
Previous Weekly High 1.3424
Previous Weekly Low 1.3242
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3386
Daily Fibonacci 61.8% 1.3362
Daily Pivot Point S1 1.335
Daily Pivot Point S2 1.3286
Daily Pivot Point S3 1.3249
Daily Pivot Point R1 1.3451
Daily Pivot Point R2 1.3488
Daily Pivot Point R3 1.3552
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