USD/CAD in a Tight Range Near 1.3000
USD/CAD is posting meager gains at the beginning of the week, now attempting a consolidative pattern below the 1.3000 handle.
USD/CAD attention to oil, risk
Last
week’s recovery of crude oil prices has sent the pair sharply lower
after briefly visiting levels above the 1.3200 mark, all coupled with
the renewed and persistent selling pressure around the US dollar.
While
risk appetite trends appear to be the exclusive driver for the
sentiment in the global markets today, traders will also remain vigilant
on the unexpected, closed meeting of the Board of Governors of the
Federal Reserve System in order to discuss rates.
USD/CAD significant levels
As
of writing the pair is up 0.11% at 1.2993 and a breakout of 1.3080
(20-day sma) would open the door to 1.3290 (23.6% Fibo of 1.4692-1.2858)
and finally 1.3392 (200-day sma). On the flip side, the immediate
support aligns at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low
Oct.15 2015) and then 1.2124 (monthly low Jun.16).
(Market News Provided by FXstreet)
