USD/CAD falls to fresh 4-day lows

USD/CAD fell to fresh daily lows during the New York session as the loonie strengthened in tandem with oil prices. Crude oil futures moved higher, erasing earlier losses, with WTI briefly rising above $48.00 a barrel.

USD/CAD came under pressure and dropped to its lowest level since Friday at 1.2860. The pair has moved slightly off lows and it was last down 0.55% at 1.2873.

USD/CAD levels to watch

As for technical levels, next supports are seen at 1.2860 (Aug 23 low), 1.2800 (psychological level) and 1.2763 (Aug 19 low). On the other hand, resistances could be found at 1.2927 (100-day SMA), 1.2964 (Aug 22 high) and 1.2989 (50-day SMA) and then 1.3011 (20-day SMA).