USD/CAD jumps back closer to session tops amid fall in oil prices

11 Jan 2019

   •  The USD failed to gain any respite from the recent selling after in-line CPI figures.
   •  A sudden fall in oil prices undermined Loonie and triggered a short-covering move.

The USD/CAD pair reversed an early dip, back closer to one-month lows, and jumped to the top end of its daily trading range.

The pair once again managed to find decent support ahead of 100-day SMA and has now rallied over 50-pips from the mid-European session lows, around the 1.3185-80 region. 

The up-move seemed rather unaffected from persistent selling around the US Dollar, which failed to gain any respite from today's release of mostly in line US consumer inflation figures.

Meanwhile, a sudden fall in crude oil prices, which tend to undermine demand for the commodity-linked currency - Loonie seemed to be the only factor prompting some aggressive short-covering move. 

It, however, remains to be seen if the pair is able to build on the intraday goodish rebound or the up-move is seen as a selling opportunity amid growing speculation over a Fed rate hike pause in 2019.

Technical levels to watch


    Today Last Price: 1.3236
    Today Daily change: -1.0 pips
    Today Daily change %: -0.00755%
    Today Daily Open: 1.3237
    Previous Daily SMA20: 1.3509
    Previous Daily SMA50: 1.3353
    Previous Daily SMA100: 1.3185
    Previous Daily SMA200: 1.3084
    Previous Daily High: 1.326
    Previous Daily Low: 1.3202
    Previous Weekly High: 1.3666
    Previous Weekly Low: 1.338
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3238
    Previous Daily Fibonacci 61.8%: 1.3224
    Previous Daily Pivot Point S1: 1.3205
    Previous Daily Pivot Point S2: 1.3174
    Previous Daily Pivot Point S3: 1.3146
    Previous Daily Pivot Point R1: 1.3264
    Previous Daily Pivot Point R2: 1.3292
    Previous Daily Pivot Point R3: 1.3323


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