#USDCAD @ 1.36670 trades modestly higher on the day above 1.3670. (Pivot Orderbook analysis)
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- USD/CAD trades modestly higher on the day above 1.3670.
- Crude oil prices trade little changed on the day following last week’s decline.
- Bank of Canada Governor Macklem is scheduled to speak later in the day.
The pair currently trades last at 1.36670.
The previous day high was 1.3692 while the previous day low was 1.3569. The daily 38.2% Fib levels comes at 1.3645, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3616, expected to provide support.
USD/CAD started to edge higher toward 1.3700 in the second half of the day on Monday as the commodity-sensitive Canadian Dollar is having a difficult time attracting investors amid crude oil’s dismal performance. The pair was last seen rising 0.18% on a daily basis at 1.3675
The barrel of West Texas Intermediate (WTI) lost more than 10% last week and touched a fresh 2022-low near $70. Although China announced additional measures toward re-opening earlier in the day, investors don’t seem to be convinced about oil demand improving in the near term. As of writing, the WTI was trading flat on the day at $71.40.
Meanwhile, Wall Street’s main indexes remain on track to open modestly higher with US stock index futures rising around 0.3% ahead of the opening bell.
In case the market mood continues to improve later in the session, the US Dollar could weaken against its rivals and limit USD/CAD’s upside. Later in the session, Bank of Canada (BOC) Governor Tiff Macklem will be delivering a speech. On December 7, the BOC hiked its policy rate by 50 basis points to 4.25% as expected and the policy statement revealed that policymakers were yet to decide whether the rate needs to rise further.
On Tuesday, the Consumer Price Index (CPI) data will be featured in the US economic docket ahead of the Federal Reserve’s all-important policy announcements on Wednesday.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3674 at the time of writing. Pair opened at 1.3647 and is trading with a change of 0.2 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3674 |
| 1 | Today Daily Change | 0.0027 |
| 2 | Today Daily Change % | 0.2000 |
| 3 | Today daily open | 1.3647 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.3455, 50 SMA 1.3565, 100 SMA @ 1.333 and 200 SMA @ 1.3053.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3455 |
| 1 | Daily SMA50 | 1.3565 |
| 2 | Daily SMA100 | 1.3330 |
| 3 | Daily SMA200 | 1.3053 |
The previous day high was 1.3692 while the previous day low was 1.3569. The daily 38.2% Fib levels comes at 1.3645, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3616, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.358, 1.3513, 1.3458
- Pivot resistance is noted at 1.3703, 1.3759, 1.3826
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3692 |
| Previous Daily Low | 1.3569 |
| Previous Weekly High | 1.3700 |
| Previous Weekly Low | 1.3385 |
| Previous Monthly High | 1.3808 |
| Previous Monthly Low | 1.3226 |
| Daily Fibonacci 38.2% | 1.3645 |
| Daily Fibonacci 61.8% | 1.3616 |
| Daily Pivot Point S1 | 1.3580 |
| Daily Pivot Point S2 | 1.3513 |
| Daily Pivot Point S3 | 1.3458 |
| Daily Pivot Point R1 | 1.3703 |
| Daily Pivot Point R2 | 1.3759 |
| Daily Pivot Point R3 | 1.3826 |
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