USD/CAD holding on the downside of 1.3500 as crude bolsters CAD
- The CAD sees a much-needed break on flubbed US manufacturing data.
- Dollar weakness could easily evaporate as a temporary play, USD/CAD firmly one-sided.
USD/CAD is ticking into 1.3480 after the US Dollar took a hit on Thursday from disappointing US ISM Manufacturing data, sending the Greenback lower against the Canadian Loonie and dropping from near-term highs near 1.3650.
Crude oil prices have caught some lift this week, helping to further support the CAD which has floundered against the USD, losing ground against the US Dollar for three months straight. Despite Thursday's 180-pip jettison, USD/CAD remains in a firmly bullish position, riding far above the 50-day moving average near 1.3350, a key confluence level with the 38.2% Fibo retracement level of the last quarter's one-sided chart action.
USD/CAD Technical Levels
Today Last Price: 1.348
Today Daily change: -2.0 pips
Today Daily change %: -0.0148%
Today Daily Open: 1.3482
Previous Daily SMA20: 1.3529
Previous Daily SMA50: 1.3336
Previous Daily SMA100: 1.3174
Previous Daily SMA200: 1.3074
Previous Daily High: 1.366
Previous Daily Low: 1.3469
Previous Weekly High: 1.4134
Previous Weekly Low: 1.3564
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3542
Previous Daily Fibonacci 61.8%: 1.3587
Previous Daily Pivot Point S1: 1.3414
Previous Daily Pivot Point S2: 1.3346
Previous Daily Pivot Point S3: 1.3224
Previous Daily Pivot Point R1: 1.3605
Previous Daily Pivot Point R2: 1.3727
Previous Daily Pivot Point R3: 1.3795