USD/CAD cuts losses, approaches 1.3500

The greenback continues to recover ground lost initially, now sending USD/CAD to test the boundaries of the 1.3500 barrier.

USD/CAD focus on OPEC

The pair has come under renewed downside pressure at the beginning of the week following a continuation of the selling bias around the buck, although some decent support seems to have emerged around 1.3460 for the time being.

Crude oil prices are also trimming part of the initial retracement, somewhat limiting CAD losses at the same time. The barrel of West Texas Intermediate remains in the negative ground so far, albeit the have managed to retake the proximity of the $45.00 mark.

Nothing expected data wise in Canada and the US today, although investors will remain focused on the upcoming OPEC meeting and US Non-farm Payrolls as the salient events ahed in the week.

USD/CAD significant levels

As of writing the pair is losing 0.20% at 1.3487 and a break below 1.3374 (low Nov.22) would aim for 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3260 (low Nov.9). On the other hand, the next up barrier aligns at 1.3566 (high Nov.18) ahead of 1.3575 (50% Fibo of the 2016 drop) and finally 1.3590 (high Nov.14).

To learn more about this topic, check our video analysis: