USD/CAD eyes Friday’s lows

The Canadian Dollar gained momentum against the greenback during the American session. USD/CAD dropped toward Friday’s lows but price action remained limited across the market on a quiet Monday. 

The pair recently fell to 1.3428, hitting a fresh daily low and it was trading at 1.3435/40, near the bottom, with a bearish bias. Price moved closer to the 1.3420 zone, where Friday’s lows area located. USD/CAD dropped to the mentioned level after the release of the US and the Canadian employment report. 

The much better-than-expected numbers in Canada boosted the loonie in the market. The decline was capped by the 1.3420 and it bounced to the upside. 

Canada: Too good to be true - BBH

Today the pair is receiving some support from the stabilization in crude oil prices. Last week the WTI barrel lost near 10% of it value and today is recovery modestly helping the Loonie. 

Technical levels 

To the upside, resistance levels might be located at 1.3475 (daily high), 1.3500 (psychological) and 1.3535 (last week high). On the opposite direction, support might lie at 1.3419 (Mar 10 low), 1.3365/70 (Mar 3 & 6 low) and 1.3325.