USD/CAD looking to stabilize around 1.3470

USD/ACAD has quickly broken below the 1.3500 handle in early trade, although it seems to have found some decent support around 1.3470 for the time being.

USD/CAD attention to oil, USD

A softer tone surrounding the greenback is allowing the risk-associated assets to gather some traction at the start of the week.

In the meantime, crude oil prices have managed to leave behind the initial drop, although they remain under pressure in light of the upcoming OPEC meeting on wedn. In fact, the barrel of West Texas Intermediate has now returned to the $46.00 handle after testing the boundaries of the $45.00 mark earlier in the session.

Nothing expected data wise in Canada and the US today, although the focus of attention should remain on US yields and equities following recent record highs in the S&P500 and Dow Jones IA.

USD/CAD significant levels

As of writing the pair is losing 0.33% at 1.3471 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).