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USD/CAD climbs above 1.33 as oil struggles to increase rally

Issues over international financial slowdown weigh on commodities. IMF lowers 2019 world development forecast on Monday. US Greenback Index advances towards mid-96s.

After closing the earlier week modestly increased, the USD/CAD pair began the week on a powerful footing and rose above the 1.33 mark because the commodity-sensitive loonie struggled to remain resilient in opposition to rival currencies amid the uninspiring worth motion seen in crude oil. As of writing, the pair was up zero.35% on the day at 1.3306.

The info from China right now revealed that the annual growth fee of the economic system got here in at its lowest stage since 1990 at 6.four% to revive considerations over the potential unfavorable influence of weak international demand on crude oil costs. Following the spectacular rally witnessed within the second half of the final week, the barrel of West Texas Intermediate is having a tough time pushing increased on Monday and was final seen buying and selling close to $54, the place it was up solely 15 cents every day.

In the meantime, the dollar preserves its bullish momentum to start out the week and offers an extra elevate to the pair. After recording each day features within the final 4 day, the US Greenback Index reached its highest stage since January four at 96.43 right now. Though there will not be any macroeconomic knowledge releases from the U.S. because of Martin Luther King Jr. Day vacation, the USD might attempt to push increased if the developments within the U.Ok. proceed to weigh on European currencies later within the day.

Technical ranges to contemplate

With a each day shut above 1.3300 (psychological stage/each day excessive), the pair might goal 1.3380 (50-DMA) and 1.3420 (Dec. 17, 2018, excessive). On the draw back, helps are positioned at 1.3250 (each day low), 1.3180 (Jan. 9 low) and 1.3100 (psychological stage).

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