USD/CAD is fluctuating in a tight range below 1.3400 on Monday. Rising crude oil prices help CAD stay resilient against its rivals. US Dollar Index builds on Friday’s strong gains. The USD/CAD pair posted daily gains on Thursday and Friday to close the week virtually unchanged. However, with rising crude oil prices helping the commodity-related loonie stay resilient against its rivals, the pair edged lower on Monday and was last seen losing 0.1% on the day at 1.3371. In the absence of significant fundamental drivers, risk-sensitive crude oil is capitalizing on the upbeat market mood. As of writing, the barrel of West Texas Intermediate (WTI) was up 0.5% on a daily basis at $41.75. On the other hand, the US Dollar Index (DXY), which snapped a three-day losing streak on the back of upbeat labour market data on Friday, is stretching higher on Monday, keeping USD/CAD’s downside limited for the time being. Ahead of the US Bureau of Labor Statistics’ JOLTS Job Openings report, the DXY is up 0.12% on the day at 93.50. There won’t be any significant macroeconomic data releases featured in the Canadian economic docket on Monday and USD/CAD is likely to extend its sideways grind unless there is a major shift in crude oil’s price action. Later in the week, Housing Starts and Manufacturing Sales data from Canada will be looked upon for fresh impetus. USD/CAD outlook Analysts at Credit Suisse think that USD/CAD struggle to rise above 1.3418/21 area, where the downtrend from March, 21-day exponential average and 38.2% retracement of the June/August fall at 1.3418/21 are located. “Above 1.3421 though would see the downtrend break to increase the threat of a small base, although this would only be confirmed above 1.3460, with resistance next at 1.3486/91,” analysts add. “Support is seen at 1.3368 initially, then 1.3285/67, below which should see bearish pressure resume with support then seen next at 1.3233 and then more importantly at 1.3206/1.3191.” Additional technical levels to watch for 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 US Treasury Sec. Mnuchin: There is room for compromise on COVID-19 aid talks FX Street 2 years USD/CAD is fluctuating in a tight range below 1.3400 on Monday. Rising crude oil prices help CAD stay resilient against its rivals. US Dollar Index builds on Friday's strong gains. The USD/CAD pair posted daily gains on Thursday and Friday to close the week virtually unchanged. However, with rising crude oil prices helping the commodity-related loonie stay resilient against its rivals, the pair edged lower on Monday and was last seen losing 0.1% on the day at 1.3371. In the absence of significant fundamental drivers, risk-sensitive crude oil is capitalizing on the upbeat market mood. As of writing, the barrel… 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.
