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