USD/CAD Makes Headway Towards 1.3100, Eyes OPEC Meeting

USD/CAD Makes Headway Towards 1.3100, Eyes OPEC Meeting

2 June 2016, 12:00
Roberto Jacobs
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USD/CAD Makes Headway Towards 1.3100, Eyes OPEC Meeting

The USD/CAD pair rebounded higher from 1.3050 region post-European, with the prices now extending the bid tone as increased nervousness weighs on the Loonie as the OPEC meeting gets underway.

USD/CAD keeps bids and tracks oil price action

Currently, the USD/CAD pair trades 0.06% higher at 1.3096, making another attempt to reach 1.31 handle. The USD/CAD pair trades in a tight range, capped below 1.31 barrier, as traders remain on the back foot after the OPEC meeting began this Thursday in Vienna, which is likely to have significant impact on the oil prices, and eventually influence the resource-linked Loonie. The Canadian economy is highly oil exports for its revenues.

Meanwhile, both crude benchmarks fluctuate between gains and losses, and now finally flip to gains, up 0.30% on the day.

Also, the focus remains on the US ADP employment data along with the EIA crude inventory report, which will be published later in the NA session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3100 (round number) and 1.3135/55 (May 25 & 19 High). To the downside, immediate support might be located at 1.3068 (5-DMA) and below that at 1.3000 (round number/ psychological levels).


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