#USDCAD @ 1.34554 gained traction and climbed above 1.3450 in the American session. (Pivot Orderbook analysis)

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• USD/CAD gained traction and climbed above 1.3450 in the American session.
• The US Dollar Index stays deep in negative territory below 102.00 after weak US data.
• WTI declined to $80 area following earlier advance.

The pair currently trades last at 1.34554.

The previous day high was 1.3537 while the previous day low was 1.3411. The daily 38.2% Fib levels comes at 1.3459, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3489, expected to provide resistance.

Following Monday’s sharp decline, USD/CAD stayed relatively quiet during the European trading hours on Tuesday. After retreating toward 1.3400 in the early American session, however, the pair regained its traction and turned positive on the day above 1.3450.

The data from the US revealed on Tuesday that Factory Orders declined at a faster pace than expected in February. More importantly, the US Bureau of Labor Statistics reported that job openings on the last day of February dropped to 9.9 million from 10.5 million in January, pointing to softening in labor market conditions. In turn, the US Dollar (USD) came under heavy selling pressure and the US Dollar Index fell to its lowest level since early February below 101.50.

Despite the persistent USD weakness, USD/CAD managed to reverse its direction with the commodity-sensitive loonie struggling to find demand amid retreating crude oil prices.

The barrel of West Texas Intermediate (WTI), which touched its highest level in over two months near $82, was last seen trading in negative territory at around $80.00. Later in the session, the American Petroleum Institute’s Weekly Crude Oil Stock report will be watched closely by market participants.

Meanwhile, Wall Street’s main indexes stretch lower after a mixed opening, helping the USD stay resilient against the CAD.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3463 at the time of writing. Pair opened at 1.3436 and is trading with a change of 0.2 % .

The pair is trading below its 20 Daily moving average @ 1.3686, below its 50 Daily moving average @ 1.3544 , below its 100 Daily moving average @ 1.3523 and above its 200 Daily moving average @ 1.3378

The previous day high was 1.3537 while the previous day low was 1.3411. The daily 38.2% Fib levels comes at 1.3459, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3489, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3386, 1.3336, 1.3261
• Pivot resistance is noted at 1.3512, 1.3587, 1.3637

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