USD/CAD climbs to over 1-month tops, around 1.3180 region

USD/CAD added to last week’s post-BoC strong positive momentum.
Weaker oil prices undermined the loonie and remained supportive.

Haresh Menghani FXStreet

The USD/CAD pair gained some follow-through traction on the first day of a new trading week and jumped to over one-month tops, around the 1.3180 region in the last hour.

The pair built on last week's post-BoC breakout momentum and scaled higher for the second consecutive session on Monday – also marking its fourth day of a positive move in the previous five.

A sharp fall in crude oil prices – amid concerns over the outbreak of the coronavirus – undermined demand for the commodity-linked currency – the loonie – and drove the pair higher on Monday.

USD/CAD supported by sliding oil prices

On the other hand, the US dollar remained supported by Friday's data, showing that the Services PMI rose to the highest level since last March, and reviving demand for perceived safe-haven currencies.

Meanwhile, the anti-risk flow led to a slump in the US Treasury bond yields, which might hold the USD bulls from placing any aggressive bets and eventually keep a lid on any runaway rally for the major.

Hence, it will now be interesting to see if the pair is able to capitalize on the momentum or bulls opt to lighten their positions at higher levels amid absent relevant market-moving economic releases on Monday.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3172
Today Daily Change	0.0030
Today Daily Change %	0.23
Today daily open	1.3142

Trends
Daily SMA20	1.3048
Daily SMA50	1.3147
Daily SMA100	1.3178
Daily SMA200	1.3234

Levels
Previous Daily High	1.3154
Previous Daily Low	1.3118
Previous Weekly High	1.3174
Previous Weekly Low	1.3036
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.314
Daily Fibonacci 61.8%	1.3132
Daily Pivot Point S1	1.3122
Daily Pivot Point S2	1.3102
Daily Pivot Point S3	1.3086
Daily Pivot Point R1	1.3158
Daily Pivot Point R2	1.3174
Daily Pivot Point R3	1.3194

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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