- CAD up on rising oil prices, helped along by declining US barrel/rig counts.
- With no other changes expected in crude markets, the Loonie is set to lose momentum once again.
USD/CAD is now cycling tightly around 1.3270, consolidating in early Wednesday action after dipping into 1.3180 to end Tuesday’s trading.
Oil prices managed to knock higher on declining US supply buildup, and boosted crude oil prices sent the CAD a step higher against the US Dollar. The Loonie remains entirely dependent on crude oil action to deliver directional momentum, and prices could see themselves stuck where they are for the time being with no further action from OPEC expected in the near term and expectations of rising global demand for crude to continue easing against US supply numbers, which remain high despite recent reductions.
USD/CAD Technical Levels
USD/CAD
Overview:
Today Last Price: 1.3258
Today Daily change: -11 pips
Today Daily change %: -0.0829%
Today Daily Open: 1.3269
Trends:
Previous Daily SMA20: 1.3486
Previous Daily SMA50: 1.3362
Previous Daily SMA100: 1.3193
Previous Daily SMA200: 1.3091
Levels:
Previous Daily High: 1.3296
Previous Daily Low: 1.3226
Previous Weekly High: 1.339
Previous Weekly Low: 1.318
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3253
Previous Daily Fibonacci 61.8%: 1.3269
Previous Daily Pivot Point S1: 1.3232
Previous Daily Pivot Point S2: 1.3195
Previous Daily Pivot Point S3: 1.3163
Previous Daily Pivot Point R1: 1.3301
Previous Daily Pivot Point R2: 1.3333
Previous Daily Pivot Point R3: 1.337
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