#USDCAD @ 1.33770 bounces off the weekly low touched earlier this Friday, though lacks follow-through. (Pivot Orderbook analysis)

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• USD/CAD bounces off the weekly low touched earlier this Friday, though lacks follow-through.
• An uptick in the US bond yields revives the USD demand and offers some support to the major.
• A goodish pickup in Oil prices underpins the Loonie and keeps a lid on any meaningful recovery.

The pair currently trades last at 1.33770.

The previous day high was 1.3362 while the previous day low was 1.3316. The daily 38.2% Fib levels comes at 1.3334, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3345, expected to provide support.

The USD/CAD pair attracts some buying near the 1.3315-1.3320 region and stages a modest recovery from a fresh weekly low touched earlier this Friday. The pair sticks to its gains around the 1.3350 region through the early North American session and for now, seems to have snapped a three-day losing streak, albeit lacks bullish conviction.

A modest uptick in the US Treasury bond yields helps the US Dollar to gain some positive traction on the last day of the week, which, in turn, is seen offering some support to the USD/CAD pair. That said, growing acceptance that the Fed will slow the pace of its policy tightening is holding back the USD bulls from placing aggressive bets and capping the upside for the major.

It is worth recalling the November Federal Open Market Committee (FOMC) meeting minutes released on Wednesday revealed that officials were largely satisfied they could stop front-loading the rate increases. This, in turn, reaffirms bets for a relatively smaller 50 bps rate hike at the next FOMC policy meeting in December. Apart from this, a generally positive risk tone keeps a lid on the safe-haven Greenback.

Furthermore, a goodish pickup in Crude Oil prices underpins the commodity-linked Loonie and further acts as a headwind for the USD/CAD pair amid relatively thin trading volumes. In the absence of any major market-moving economic release, either from the US or Canada, the fundamental backdrop warrants some caution before positioning for any further intraday positive move.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.335 at the time of writing. Pair opened at 1.3338 and is trading with a change of 0.09 % .

The pair is trading below its 20 Daily moving average @ 1.3449, below its 50 Daily moving average @ 1.3566 , above its 100 Daily moving average @ 1.3267 and above its 200 Daily moving average @ 1.3008

The previous day high was 1.3362 while the previous day low was 1.3316. The daily 38.2% Fib levels comes at 1.3334, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3345, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.3315, 1.3293, 1.327
• Pivot resistance is noted at 1.3361, 1.3384, 1.3407

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