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USD/CAD: Loonie sits at multi-month highs, near 1.2915

FXStreet (Mumbai) - The Canadian dollar emerged the best performer amongst the G10 currencies in the Asian session on Monday, mainly boosted by higher oil prices.

USD/CAD trades below all major hourly moving averages

Currently, the USD/CAD pair trades -0.24% lower at 1.2919, hovering close to fresh session lows of 1.2913. The Canadian dollar continues to benefit versus the greenback from the recent upsurge in oil prices backed by positive demand outlook and falling supplies.

The US oil, WTI, rallies over 1% to $ 50 while its European counterpart, Brent trades 0.54% higher at $ 53.22. Oil prices witnessed renewed strength following the comments from OPEC’s Secretary General on Sunday.

Moreover, the latest comments from BOC Governor Poloz also boosted the sentiment around the Loonie. BOC’s Poloz stated, ‘There are enough things that are on track that it still remains an encouraging global picture.”

Looking ahead, the pair is likely to get influenced by more of BOC Poloz due later today while light trading will persists as the US and Canada both are closed for separate public holidays.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.2960 (Today’s) levels and above which it could extend gains to 1.3000 (round number). To the downside, immediate support might be located at 1.2897 (Oct 9 Low) levels and below that at 1.2859 (July 29 Low).

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