USD/CAD falls to a two-week low of 1.3232 on the day

USD/CAD D1 17-02

The pair is continuing to keep a firm rejection above 1.3300 as sellers now eye a break below the 23.6 retracement level of the swing move higher this year at 1.3240. Price is now touching a fresh two-week low of 1.3232 amid the more steady risk mood today.

Sellers will now be eyeing a test of the 200-day MA (blue line) @ 1.3218 next with the potential for a move to test the 100-day MA (red line) @ 1.3180 thereafter as well.

The near-term bias continues to favour sellers as price is keeping below both key hourly moving averages at 1.3261 and 1.3279 respectively at the moment.

Looking ahead, oil prices will still be one to be mindful about as Russia continues to keep mum about additional output cuts ahead of the March meeting.

On that front, just be reminded that Russia has always played the bad cop role before finally caving in on previous proposals; although that doesn't mean they will play their part fully in the cause (that always has been Saudi Arabia).

For now, the technical push is one to take note of in USD/CAD with light trading conditions to be expected in North American trading today.

As long as the market views risk as being steadier, that should keep the loonie underpinned for now so watch out for that test of the 200-day MA @ 1.3218.