Yesterday’s trade saw USD/CAD within the range of 1.3904-1.4063. The pair closed at 1.3955, shedding 0.14% on a daily basis. It has been the 8th drop in the past 20 trading days and also a fifth consecutive one. The daily low has been the lowest level since January 5th, when a low of 1.3893 was registered.
At 9:22 GMT today USD/CAD was gaining 0.56% for the day to trade at 1.4032. The pair touched a daily high at 1.4040 at 9:02 GMT, undershooting the upper range breakout level (R4), and a daily low at 1.3940 during the early phase of the Asian trading session.
Canada’s dollar has recently been supported, as crude oil prices surged for a fourth straight day on January 29th. Oil futures for March delivery went up as high as $34.18 per barrel on February 1st and closed at a level of $31.31 to mark their 16th drop in the past 32 trading days. As of 9:16 GMT today the commodity was down 0.97% on a daily basis to trade at $31.00 per barrel, after going down as low as $30.81 earlier. Oil has fallen 7.61% so far during the current month, after losing 9.19% of its value in January. The latter has been the fourth drop in the past five months and also the third successive one.
No relevant macroeconomic reports and other events, which may influence USD/CAD trading, are scheduled on Tuesday.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for USD/CAD are presented as follows:
R1 – 1.3970
R2 – 1.3984
R3 (range resistance) – 1.4000
R4 (range breakout) – 1.4042
S1 – 1.3940
S2 – 1.3926
S3 (range support) – 1.3911
S4 (range breakout) – 1.3868
By using the traditional method of calculation, the weekly pivot levels for USD/CAD are presented as follows:
Central Pivot Point – 1.4082
R1 – 1.4218
R2 – 1.4463
R3 – 1.4599
S1 – 1.3837
S2 – 1.3701
S3 – 1.3456
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