USD/CAD looks to close day unchanged around 1.3270
- USD/CAD stays in consolidation channel in the second half of the day.
- WTI settles in the negative territory for the second straight day.
- US Dollar Index struggles to find direction.
The USD/CAD pair spent the first day of the week in a 40-pip range and now looks to close the day virtually unchanged near the 1.3270 handle as the lack of macroeconomic data releases from both Canada and the United States allowed the pair to stay quiet.
Crude oil's rally, which caused the pair to lose 300 pips during the first week of January, came to an end on Friday with the barrel of West Texas Intermediate settling in the negative territory for the first time in 2019. After today's data from China revived concerns over an economic slowdown in the world's second-biggest consumer of oil, the WTI extended its losses to weigh on the commodity-sensitive oil. In post-settlement trade, the WTI was down nearly 2% on the day at $50.60.
Although the commodity-sensitive felt some pressure because of the oil's slide today, the greenback's subdued market action caused the pair to stay in its lane. With the ongoing government shutdown keeping investors on edge, the US Dollar Index failed to extend its rebound into the third day and was last seen down 0.1% on the day at 95.58.
Technical levels to consider
Today Last Price: 1.3276
Today Daily change: 5.0 pips
Today Daily change %: 0.0377%
Today Daily Open: 1.3271
Previous Daily SMA20: 1.3503
Previous Daily SMA50: 1.3356
Previous Daily SMA100: 1.3187
Previous Daily SMA200: 1.3086
Previous Daily High: 1.328
Previous Daily Low: 1.3182
Previous Weekly High: 1.339
Previous Weekly Low: 1.318
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3242
Previous Daily Fibonacci 61.8%: 1.322
Previous Daily Pivot Point S1: 1.3209
Previous Daily Pivot Point S2: 1.3147
Previous Daily Pivot Point S3: 1.3112
Previous Daily Pivot Point R1: 1.3306
Previous Daily Pivot Point R2: 1.3341
Previous Daily Pivot Point R3: 1.3403