Friday’s trade saw USD/CAD within the range of 1.3809-1.3967. The pair closed at 1.3847, falling 0.63% on a daily basis. It has been the 12th drop in the past 29 trading days and also the sharpest one since February 3rd, when the pair plummeted 1.94%. In addition, the daily low has been the lowest level since February 9th, when a low of 1.3783 was registered. In weekly terms, USD/CAD lost 0.49% last week to mark its fourth consecutive period of decline. The pair has depreciated 1.03% so far during the current month, following three consecutive months of gains.
At 9:23 GMT today USD/CAD was edging down 0.07% for the day to trade at 1.3829. The pair touched a daily low at 1.3799 at 6:10 GMT, overshooting the range support level (S3), and a daily high at 1.3862 during the early phase of the Asian trading session.
Canada’s dollar seemed to have halted its recent decline against its US counterpart, as crude oil distanced from multi-year lows on Friday. February 12th marked the 18th gain in oil prices out of the past 41 trading days. Oil futures for March delivery went up as high as $29.66 per barrel on February 12th, or the highest price level since February 9th, and closed at a level of $29.44. As of 9:30 GMT today the commodity was edging up 0.52% on a daily basis to trade at $29.23 per barrel, after going up as high as $29.49 earlier. Oil has eased its slump to 13.10% so far during the current month.
No relevant macroeconomic reports and other events, which may influence USD/CAD trading, are scheduled on Monday.
The US President’s Day
Every third Monday in February is referred to as the President’s Day federal holiday in the United States. This day commemorates all the past presidents of the United States and honors the life and deeds of George Washington, the first US President. Banks are to remain closed.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for USD/CAD are presented as follows:
R1 – 1.3861
R2 – 1.3876
R3 (range resistance) – 1.3890
R4 (range breakout) – 1.3934
S1 – 1.3833
S2 – 1.3818
S3 (range support) – 1.3803
S4 (range breakout) – 1.3760
By using the traditional method of calculation, the weekly pivot levels for USD/CAD are presented as follows:
Central Pivot Point – 1.3882
R1 – 1.3982
R2 – 1.4116
R3 – 1.4216
S1 – 1.3748
S2 – 1.3648
S3 – 1.3514
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