- The Loonie continues to suffer at the hands of slumping barrel prices.
- The US remains the principal over-producer of crude oil, flooding the market and giving the USD/CAD pair a free hand.
USD/CAD is cycling near 1.3630 as the Canadian Loonie, hampered by lagging oil prices, plays towards the downside, giving up steady ground to the Greenback heading into the weekend.
Despite frequent bouts of weakness for the USD as broader markets swing into and out of the risk appetite camp at a frenetic pace, USD/CAD remains a steadily-trending pair as slumping prices buries the CAD, and the Dollar-Loonie pairing is set for a continued run up the charts as long as the US remains the world’s largest over-producer of crude oil, pushing the oil-dependent Loonie out of the fx market.
Next week’s economic calendar is devoid of any meaningful CAD-based data, leaving the major pair to continue trading in tandem with flagging oil prices.
USD/CAD Technical Levels
USD/CAD
Overview:
Today Last Price: 1.3623
Today Daily change: 6.0 pips
Today Daily change %: 0.0441%
Today Daily Open: 1.3617
Trends:
Previous Daily SMA20: 1.3453
Previous Daily SMA50: 1.3284
Previous Daily SMA100: 1.3149
Previous Daily SMA200: 1.3057
Levels:
Previous Daily High: 1.3662
Previous Daily Low: 1.3566
Previous Weekly High: 1.3602
Previous Weekly Low: 1.3372
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3625
Previous Daily Fibonacci 61.8%: 1.3603
Previous Daily Pivot Point S1: 1.3569
Previous Daily Pivot Point S2: 1.352
Previous Daily Pivot Point S3: 1.3474
Previous Daily Pivot Point R1: 1.3664
Previous Daily Pivot Point R2: 1.371
Previous Daily Pivot Point R3: 1.3759
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