USD/CAD sits near 2-1/2 month tops, around mid-1.3300s

Weaker oil prices undermined Loonie and helped regain traction.
The USD climbs to fresh multi-year tops and remained supportive.
Traders now eye US ISM manufacturing PMI for a fresh impetus.

Haresh Menghani FXStreet

The USD/CAD pair held on to its positive tone through the early European session and is currently placed near 2-1/2 month tops set in the previous session.

After the overnight late pullback, a combination of supporting factors helped the pair to regain some positive traction on Tuesday and find acceptance above the 1.3345 heavy supply zone, at least for now.

The US Dollar climbed to fresh multi-year tops, further beyond the 99.00 handle, amid renewed hopes of a potential US-China trade deal, though a modest pullback in the US Treasury bond yields capped the upside.

Fall in Oil prices weighed on Loonie

Adding to this, a negative trading mood around Crude Oil prices undermined demand for the commodity-linked currency - Loonie - and further collaborated to the pair's bid tone for the third consecutive session.

Oil prices fell on Tuesday on the back of growing market worries about the global economic growth and a rise in OPEC output, rising for the first time this year in August in the wake of higher supply from Iraq and Nigeria.

It would now be interesting to see if bulls are able to capitalize on the latest bullish breakout as the focus now shifts to the US economic docket, highlighting the release of ISM manufacturing PMI, for some fresh impetus.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3354
Today Daily Change	0.0030
Today Daily Change %	0.23
Today daily open	1.3324

Trends
Daily SMA20	1.3285
Daily SMA50	1.3183
Daily SMA100	1.3294
Daily SMA200	1.3317

Levels
Previous Daily High	1.3362
Previous Daily Low	1.3312
Previous Weekly High	1.3334
Previous Weekly Low	1.3224
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3343
Daily Fibonacci 61.8%	1.3331
Daily Pivot Point S1	1.3304
Daily Pivot Point S2	1.3284
Daily Pivot Point S3	1.3255
Daily Pivot Point R1	1.3353
Daily Pivot Point R2	1.3382
Daily Pivot Point R3	1.3402

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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