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18 Feb 2019

USD/CAD stuck in tight channel below 1.3250

  • WTI rises above $56 on Monday.
  • US Dollar Index stays in the negative territory.
  • Trading action is likely to stay subdued in the second half of the day.

The USD/CAD pair came under moderate selling pressure in the early Asian session and broke below the 1.3250 mark. However, with investors staying on the sidelines in the absence of significant macroeconomic data releases on Monday, the pair started to move sideways and is now having a tough time moving out of its tight trading channel. At the moment, the pair is down 0.04% on the day at 1.3235.

Hopes of the U.S. and China moving closer to a trade agreement after this week's talks in Washington continue to support crude oil prices. The barrel of West Texas Intermediate on Monday rose above the $56 mark to reach its highest level since late November at $56.25 and allowed the commodity-related loonie to stay strong against its rivals.

On the other hand, since failing to close the week above the 97 mark, the US Dollar Index extended its technical slide today and was last seen losing 0.2% on the day at 96.73, keeping the pair in the negative territory.

Noth the U.S. and Canadian markets will be closed on Monday and the trading action is likely to remain subdued in the NA session. 

Technical levels to consider

1.3200/1.3195 (psychological level/Feb. 13 low) aligns as the first support for the pair ahead of 1.3120 (Jan. 30 low) and 1.3070 (Feb. 1 low). On the upside, resistances could be seen at 1.3250 (daily high), 1.3325 (50-DMA) and 1.3375 (Jan. 24 high).

Feb 18, 2019

USD/CHF Technical Analysis: Bears likely to target over 1-month old ascending channel support

   •  The pair extended last week’s rejection slide from the 1.0100 handle and dropped to fresh one-week lows in the last hour amid a follow-through U
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Feb 18, 2019

EUR/USD to dip back to the 1.12 area? - Rabobank

Jane Foley, senior FX strategist at Rabobank, suggests that as the EUR is faced with its own share of domestic economic and political risk, they conti
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