USD/CAD in a tight range near 1.3000

USD/CAD is posting meager gains at the beginning of the week, now attempting a consolidative pattern below the 1.3000 handle.

USD/CAD attention to oil, risk

Last week’s recovery of crude oil prices has sent the pair sharply lower after briefly visiting levels above the 1.3200 mark, all coupled with the renewed and persistent selling pressure around the US dollar.

While risk appetite trends appear to be the exclusive driver for the sentiment in the global markets today, traders will also remain vigilant on the unexpected, closed meeting of the Board of Governors of the Federal Reserve System in order to discuss rates.

USD/CAD significant levels

As of writing the pair is up 0.11% at 1.2993 and a breakout of 1.3080 (20-day sma) would open the door to 1.3290 (23.6% Fibo of 1.4692-1.2858) and finally 1.3392 (200-day sma). On the flip side, the immediate support aligns at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).