USDCAD Rebounds Above 1.31

USDCAD managed to rebound today after five consecutive straight losses amid broad USD strength. Positive outcome from G20 summit increased the risk appetite in the markets. In OPEC meeting all ministers approved the nine month cut extension. The news pushed the crude oil price higher above $60, but the Loonie didn’t react against USD.

Bears are in full control as the pair trading below all major daily moving averages but the pair hovers in oversold levels so a rebound can’t be ruled from current levels. Today the pair hit fresh low at 1.3067 but bounced quickly and managed to break above the 1.31 mark.  Immediate resistance for the pair stands at 1.3107 the daily high from European session,  while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3123 where the 100 hour moving average cross. First support stands at 1.3067 the YTD low and then at 1.3044 the low from October 2018 while more bids will emerge at 1.30 psychological level.Don’t miss a beat! Follow us on Twitter.