USD/CAD trades with modest losses, still manages to hold above 1.3400 mark
5/7/2019 7:30:02 AM
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• The pair extends overnight pullback from over 1-week tops amid a modest USD weakness. • Positive oil prices further underpin Loonie and contribute

   •  USD/CAD extends overnight pullback from over one-week tops amid some modest USD weakness.
   •  Positive Oil prices further underpin Loonie and contribute to the pair’s mildly-offered tone.

   •  USD/CAD extends overnight pullback from over one-week tops amid some modest USD weakness.
   •  Positive Oil prices further underpin Loonie and contribute to the pair’s mildly-offered tone.

Oil prices

The USD/CAD pair remained under some selling pressure through the Asian session on Tuesday and extended the overnight pullback from over one-week tops.

USD/CAD

After a weekly bullish gap opening and a subsequent move to the 1.3500 neighborhood on Monday, the pair started losing steam and was being weighed down by receding safe-haven demand for the US Dollar.

US Dollar

Despite the latest escalation in the US-China trade tensions, a goodish rebound in the US equity markets dampened the greenback's relative safe-haven status and prompted some fresh selling around the major.

Adding to this, a positive trading sentiment around Oil prices further underpinned the commodity-linked currency and exerted some additional downward pressure during the US trading session.

sentimentOil

The USD held on the defensive through the early part of Tuesday's trading action, which coupled with a follow-through uptick in Oil prices contributed to the pair's intraday slide back closer to the 1.3400 handle.

Oil

Looking at the broader picture, the pair remains well within the last week's broader trading band and hence, it would be prudent to wait for a sustained break through the range before positioning for the near-term trajectory.

Today's economic docket features the release of Canadian Ivey Manufacturing PMI, which coupled with the release of JOLTS Job Openings data from the US, might produce some short-term trading opportunities later in the day.

economic docket

Technical levels to watch

Technical levels to watch

USD/CAD

Overview
Today last price 1.3426
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3448
 
Trends
Daily SMA20 1.3401
Daily SMA50 1.3365
Daily SMA100 1.3353
Daily SMA200 1.3227
Levels
Previous Daily High 1.3496
Previous Daily Low 1.3432
Previous Weekly High 1.3491
Previous Weekly Low 1.3376
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3457
Daily Fibonacci 61.8% 1.3471
Daily Pivot Point S1 1.3422
Daily Pivot Point S2 1.3396
Daily Pivot Point S3 1.3359
Daily Pivot Point R1 1.3485
Daily Pivot Point R2 1.3522
Daily Pivot Point R3 1.3548

 

USD/CAD

Overview
Today last price 1.3426
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3448
 
Trends
Daily SMA20 1.3401
Daily SMA50 1.3365
Daily SMA100 1.3353
Daily SMA200 1.3227
Levels
Previous Daily High 1.3496
Previous Daily Low 1.3432
Previous Weekly High 1.3491
Previous Weekly Low 1.3376
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3457
Daily Fibonacci 61.8% 1.3471
Daily Pivot Point S1 1.3422
Daily Pivot Point S2 1.3396
Daily Pivot Point S3 1.3359
Daily Pivot Point R1 1.3485
Daily Pivot Point R2 1.3522
Daily Pivot Point R3 1.3548

USD/CAD

Overview
Today last price 1.3426
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3448
 
Trends
Daily SMA20 1.3401
Daily SMA50 1.3365
Daily SMA100 1.3353
Daily SMA200 1.3227
Levels
Previous Daily High 1.3496
Previous Daily Low 1.3432
Previous Weekly High 1.3491
Previous Weekly Low 1.3376
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3457
Daily Fibonacci 61.8% 1.3471
Daily Pivot Point S1 1.3422
Daily Pivot Point S2 1.3396
Daily Pivot Point S3 1.3359
Daily Pivot Point R1 1.3485
Daily Pivot Point R2 1.3522
Daily Pivot Point R3 1.3548

USD/CAD

Overview
Today last price 1.3426
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3448
 
Trends
Daily SMA20 1.3401
Daily SMA50 1.3365
Daily SMA100 1.3353
Daily SMA200 1.3227
Overview
Today last price 1.3426
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3448
Overview Overview Overview Today last price 1.3426 Today Daily Change -0.0022 Today Daily Change % -0.16 Today daily open 1.3448 Today last price 1.3426 Today last price1.34261.3426 Today Daily Change -0.0022 Today Daily Change-0.0022-0.0022 Today Daily Change % -0.16 Today Daily Change %-0.16-0.16 Today daily open 1.3448 Today daily open1.34481.3448
 
Trends
Daily SMA20 1.3401
Daily SMA50 1.3365
Daily SMA100 1.3353
Daily SMA200 1.3227
Trends Trends Trends Daily SMA20 1.3401 Daily SMA50 1.3365 Daily SMA100 1.3353 Daily SMA200 1.3227 Daily SMA20 1.3401 Daily SMA201.34011.3401 Daily SMA50 1.3365 Daily SMA501.33651.3365 Daily SMA100 1.3353 Daily SMA1001.33531.3353 Daily SMA200 1.3227 Daily SMA2001.32271.3227
Levels
Previous Daily High 1.3496
Previous Daily Low 1.3432
Previous Weekly High 1.3491
Previous Weekly Low 1.3376
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3457
Daily Fibonacci 61.8% 1.3471
Daily Pivot Point S1 1.3422
Daily Pivot Point S2 1.3396
Daily Pivot Point S3 1.3359
Daily Pivot Point R1 1.3485
Daily Pivot Point R2 1.3522
Daily Pivot Point R3 1.3548
Levels
Previous Daily High 1.3496
Previous Daily Low 1.3432
Previous Weekly High 1.3491
Previous Weekly Low 1.3376
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3457
Daily Fibonacci 61.8% 1.3471
Daily Pivot Point S1 1.3422
Daily Pivot Point S2 1.3396
Daily Pivot Point S3 1.3359
Daily Pivot Point R1 1.3485
Daily Pivot Point R2 1.3522
Daily Pivot Point R3 1.3548
Levels Levels Levels Previous Daily High 1.3496 Previous Daily Low 1.3432 Previous Weekly High 1.3491 Previous Weekly Low 1.3376 Previous Monthly High 1.3522 Previous Monthly Low 1.3274 Daily Fibonacci 38.2% 1.3457 Daily Fibonacci 61.8% 1.3471 Daily Pivot Point S1 1.3422 Daily Pivot Point S2 1.3396 Daily Pivot Point S3 1.3359 Daily Pivot Point R1 1.3485 Daily Pivot Point R2 1.3522 Daily Pivot Point R3 1.3548 Previous Daily High 1.3496 Previous Daily High1.34961.3496 Previous Daily Low 1.3432 Previous Daily Low1.34321.3432 Previous Weekly High 1.3491 Previous Weekly High1.34911.3491 Previous Weekly Low 1.3376 Previous Weekly Low1.33761.3376 Previous Monthly High 1.3522 Previous Monthly High1.35221.3522 Previous Monthly Low 1.3274 Previous Monthly Low1.32741.3274 Daily Fibonacci 38.2% 1.3457 Daily Fibonacci 38.2%1.34571.3457 Daily Fibonacci 61.8% 1.3471 Daily Fibonacci 61.8%1.34711.3471 Daily Pivot Point S1 1.3422 Daily Pivot Point S11.34221.3422 Daily Pivot Point S2 1.3396 Daily Pivot Point S21.33961.3396 Daily Pivot Point S3 1.3359 Daily Pivot Point S31.33591.3359 Daily Pivot Point R1 1.3485 Daily Pivot Point R11.34851.3485 Daily Pivot Point R2 1.3522 Daily Pivot Point R21.35221.3522 Daily Pivot Point R3 1.3548 Daily Pivot Point R31.35481.3548