USD/CAD bears breaking down the doors of psychological 1.3100, for lows of 1.3085

USD/CAD has broken below 1.3100 and is on the way to test the 200 dma at 1.3066 on the back of OPEC.

Oil rallied hard today on the back of OPEC reaching a deal to limit oil production that was reported by Reuters to be executed in November. Details of this deal will come out later, but oil has breached a key technical level on the daily from early June highs on the charts. A break in oil onto the $48 handle in WTI opens $48.70 August highs and the $50.00 psychological level again and exposes USD/CAD's downside to 1.2763. Elsewhere, the oil related crosses such as NOK and cable are also benefiting with USD/NOK hitting lows of 8.0372 and cable making highs of 1.3032.

USD/CAD levels

With spot trading at 1.3098, we can see next resistance ahead at 1.3107 (Daily 20 SMA), 1.3138 (Weekly Classic PP), 1.3146 (Daily Classic S1), 1.3163 (Hourly 100 SMA) and 1.3164 (Yesterday's Low). Support below can be found at 1.3097 (Daily Classic S2), 1.3086 (Daily Low), 1.3042 (Weekly Low), 1.3031 (Weekly Classic S1) and 1.3029 (Daily Classic S3).