#USDCAD @ 1.34159 The US Dollar is building up favoured by a weaker market sentiment. (Pivot Orderbook analysis)
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- The US Dollar is building up favoured by a weaker market sentiment.
- Oil prices are trading lower, increasing negative pressure on the CAD.
- Later today Canada’s business outlook and manufacturing sales might give some support to the loonie.
The pair currently trades last at 1.34159.
The previous day high was 1.3412 while the previous day low was 1.3343. The daily 38.2% Fib levels comes at 1.3386, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3369, expected to provide support.
The US Dollar is staging a comeback on Monday’s European session. The sourer market sentiment, with equity markets dipping to negative territory after a positive opening, and the lower oil prices are pushing the pair higher.
Investors seem to have digested the weaker-then-expected US PPI data seen on Friday, with the Greenback building up in a light trading session. The calendar is light and US stock markets are closed on bank holidays, this is leading to choppy and volatile trading.
Oil prices, Canada’s main export, are extending their reversal from Friday’s highs above $75. This is adding negative pressure on the loonie.
Later today, the Bank of Canada Business Outlook Survey and Manufacturing Sales data might give some support to the CAD. On Tuesday, Canadian CPI will be observed with attention for fresh cues on the BoC’s monetary policy ahead of Friday’s retail sales data.
In the US, the highlights of the week will be the US Retail Sales, due on Wednesday and the Michigan Consumer Sentiment Index, on Friday.
From a technical perspective, the US Dollar seems gaining bullish traction, aiming for 1.3455, the 61.8% retracement of the December sell-off. Above here, the next resistance is 1.3480 and 1.3545. Supports are 1.3375 and 1.3335.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.342 at the time of writing. Pair opened at 1.3407 and is trading with a change of 0.1 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3420 |
| 1 | Today Daily Change | 0.0013 |
| 2 | Today Daily Change % | 0.1000 |
| 3 | Today daily open | 1.3407 |
The pair is trading above its 20 Daily moving average @ 1.3319, below its 50 Daily moving average @ 1.3511 , below its 100 Daily moving average @ 1.357 and below its 200 Daily moving average @ 1.348
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3319 |
| 1 | Daily SMA50 | 1.3511 |
| 2 | Daily SMA100 | 1.3570 |
| 3 | Daily SMA200 | 1.3480 |
The previous day high was 1.3412 while the previous day low was 1.3343. The daily 38.2% Fib levels comes at 1.3386, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3369, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.3363, 1.3319, 1.3294
- Pivot resistance is noted at 1.3432, 1.3456, 1.35
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3412 |
| Previous Daily Low | 1.3343 |
| Previous Weekly High | 1.3443 |
| Previous Weekly Low | 1.3341 |
| Previous Monthly High | 1.3620 |
| Previous Monthly Low | 1.3178 |
| Daily Fibonacci 38.2% | 1.3386 |
| Daily Fibonacci 61.8% | 1.3369 |
| Daily Pivot Point S1 | 1.3363 |
| Daily Pivot Point S2 | 1.3319 |
| Daily Pivot Point S3 | 1.3294 |
| Daily Pivot Point R1 | 1.3432 |
| Daily Pivot Point R2 | 1.3456 |
| Daily Pivot Point R3 | 1.3500 |
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