- The Loonie remains tied tightly to oil barrels’ performance, in lock-step with WTI charts.
- Despite the pair’s early bounce, bearish continuation is almost assured.
USD/CAD is seeing a thin bounce from Wednesday’s lows as the CAD continues to track closely with oil prices, and the recovery in WTI prices is seeing the Dollar-Loonie pairing stoop lower as the CAD rides oil prices higher.
The US Dollar dipped to a low of 1.3180 on Wednesday against the Loonie, and the pair’s early Thursday bounce sees the pair challenging 1.3240, but with the CAD remaining tied tightly to oil prices, the Loonie’s weakening stance will only last as long as the WTI’s soft decline in early Thursday trading.
USD/CAD Technical Levels
USD/CAD
Overview:
Today Last Price: 1.3236
Today Daily change: 20 pips
Today Daily change %: 0.151%
Today Daily Open: 1.3216
Trends:
Previous Daily SMA20: 1.3514
Previous Daily SMA50: 1.335
Previous Daily SMA100: 1.3183
Previous Daily SMA200: 1.3082
Levels:
Previous Daily High: 1.3284
Previous Daily Low: 1.318
Previous Weekly High: 1.3666
Previous Weekly Low: 1.338
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3219
Previous Daily Fibonacci 61.8%: 1.3244
Previous Daily Pivot Point S1: 1.3169
Previous Daily Pivot Point S2: 1.3123
Previous Daily Pivot Point S3: 1.3066
Previous Daily Pivot Point R1: 1.3273
Previous Daily Pivot Point R2: 1.333
Previous Daily Pivot Point R3: 1.3376
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