USD/CAD jumps to near 2-week tops, around 1.3300 mark

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USD/CAD regained positive traction on the first day of a new trading week.
Resurgent USD demand, a slump in oil remained supportive of the move.

The USD/CAD pair climbed to near two-week tops during the early European session on Monday, with bulls now eyeing a move towards reclaiming the 1.3300 mark.

A combination of factors – including some renewed US dollar buying and weaker oil prices – assisted the pair to regain some positive traction on the first day of a new trading week and build on the previous session’s attempted bounce from the 1.3200 round-figure mark, or three-week lows.

USD/CAD supported by a combination of factors

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concerns over deepening fallout from the outbreak were further fueled by reports indicating a rise in the number of confirmed cases in . This eventually triggered a fresh wave of the global risk-aversion trade and benefitted the greenback’s perceived safe-haven status.

Apart from resurgent USD demand, an intraday slump in prices, now down over 3.5% for the day, weighed heavily on the commodity-linked currency – the loonie – and further collaborated to the pair’s goodish intraday positive move to the highest level since February 11.

There isn’t any major market-moving economic data due for release, either from the US or . Hence, the broader market risk sentiment might continue to the USD demand and drive oil prices, which might eventually contribute towards producing some short-term trading opportunities.

levels to watch

 

Source: Investing.com

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