USD/CAD sits lower as oil prices recover some ground on the day

Technical Analysis

Author: Justin Low | usdcad

USD/CAD topside once again fails to break resistance around 1.3390-00

USD/CAD H1 12-04
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And the pair is holding a little lower on the day as oil is trading up by 0.4% to $63.84 currently. The surge lower in oil overnight helped to give the pair a boost higher but ultimately, it wasn't enough to break above resistance around 1.3390-00.

However, buyers are still in near-term control so for the time being, we still have to wait for a clear directional break to follow. Support is seen closer to 1.3330-40 where the confluence of hourly moving averages lie as well as the 100-day moving average @ 1.3331. Daily support is seen at the 1.3300 handle for the time being.

Until we get fresh catalysts from Canadian data next week, I reckon the pair may yet continue to range between the 1.3300 to 1.3400 levels as we have seen since last week; pivoting around key levels highlighted above.

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