“¢ Easing USD bearish pressure helps find decent support ahead of 1.3100 handle. “¢ A goodish pickup in oil prices underpin Loonie and cap any meaningful up-move. The USD/CAD pair continued with its range-bound price action and is currently placed at the mid-point of its daily trading range, just below 1.3150 level. The pair was seen consolidating Friday’s sharp decline from three-week tops, with a combination of diverging forces failing to provide any meaningful impetus at the start of a new trading week. The US Dollar selling bias, triggered by the US President Donald Trump’s comments on Thursday and Friday, now seems to have abated a bit and was seen as one of the key factors that helped the pair to find some support ahead of the 1.3100 handle. The positive factor, to a larger extent, was negated by a sudden upsurge in crude oil prices, which underpinned the commodity-linked currency – Loonie and collaborated towards capping any meaningful up-move. Today’s relatively thin US economic docket, featuring the release of existing home sales data, is unlikely to provide any meaningful impetus and hence, the USD/oil price dynamics might continue to play a key role in determining the pair’s momentum through the New-York trading session. Technical Analysis: The pair is now seen struggling to recover beyond 23.6% Fibonacci retracement level of Friday’s downfall and the price action clearly seems to suggest that the bearish pressure might still be far from being over. The negative outlook is further reinforced by technical indicators, which have failed to gain any positive traction and hence, any attempted up-move seems more likely to meet with some fresh supply at higher levels. Spot rate: 1.3138 Daily High: 1.3157 Daily Low: 1.3115 Trend: Bearish Resistance R1: 1.3157 (current day swing high) R2: 1.3180 (100-period SMA H1) R3: 1.3205 (50% Fibo. level of Friday’s move) Support S1: 1.3115 (horizontal level) S2: 1.3083 (50-day SMA) S3: 1.3064 (monthly low set on July 11) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Technical Analysis: EUR/USD bear trend might be at risk FX Street 5 years "¢ Easing USD bearish pressure helps find decent support ahead of 1.3100 handle. "¢ A goodish pickup in oil prices underpin Loonie and cap any meaningful up-move. The USD/CAD pair continued with its range-bound price action and is currently placed at the mid-point of its daily trading range, just below 1.3150 level. The pair was seen consolidating Friday's sharp decline from three-week tops, with a combination of diverging forces failing to provide any meaningful impetus at the start of a new trading week. The US Dollar selling bias, triggered by the US President Donald… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
