Oil prices are starting the week with further losses, Brent below $49 per barrel this morning and WTI is trading at less than $42 per barrel
- USD/CAD extends gains back above 1.31 handle, price action above the tenkan line (1.3083)
- Momentum is bullish, the pair is trading at 1.3145, with next hurdle at 1.3158 (Daily High Aug 12), and then at 1.3182
- On the downside, supports are seen at 1.3083 (Tenkan-Sen), breaks below could see 1.3057 (21 DMA) and then 1.3017 (Daily low Aug 14)
- US NAHB housing index and Canadian international securities transactions data due ahead
Resistance Levels:
R1: 1.3158 (Daily High Aug 12)
R2: 1.3182 (Daily High Aug 10)
R3: 1.3184 (Daily High Aug 7)
Support Levels:
S1: 1.3083 (Tenkan-Sen)
S2: 1.3057 (21 DMA)
S3: 1.3017 (Daily low Aug 14)


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