USD/CAD remains capped below 1.3400 ahead of US elections

The Canadian dollar was the best performer among the commodity-currencies, finding some support from a tepid-bounce in oil prices.

USD/CAD rejected near 1.3400

Currently, the USD/CAD pair advances 0.14% to 1.3384, unable to chew offers lined up just below 1.34 handle. The US dollar manages to keep the bids against the Canadian dollar, despite a retreat in the greenback across the board, as markets lock-in gains after yesterday’s Clinton-led rally, as we head into the much-awaited US presidential elections due later on Tuesday.

However, the upside appears to lack momentum amid a brief recovery in oil prices from the early Asian drop. While renewed risk-off trades amid increased nervousness ahead of the US elections, also keep the prices in check.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3400 (round figure) and 1.3419 (Nov 8 high) and from there to 1.3450 (psychological levels). To the downside, immediate support might be located at 1.3363 (daily pivot) and below that at 1.3328 (20-DMA) and at 1.3300 (round figure).

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