USD/CAD eases from highs, clings to modest gains near mid-1.33s
|- Crude oil drop weighs on the commodity-sensitive loonie on Friday.
- Greenback weakens in the NA session.
- Manufacturing sales in Canada rose more than expected in January.
The USD/CAD pair climbed to a daily high of 1.3375 in the early NA session as the commodity-related loonie weakened on falling crude oil prices. However, with the greenback meeting a new selling-wave in the last couple of hours, the pair lost its bullish momentum and eased from its daily highs. As of writing, the pair was trading at 1.3350, adding 0.12% on a daily basis.
After advancing to its highest level since mid-November at $58.93, the barrel of West Texas Intermediate reversed its direction amid profit-taking ahead of the weekend and dropped below $58 before going into a consolidation phase. Ahead of the weekly Baker Hughes rig count data, the WTI is down 0.25% on the day at $58.35.
On the other hand, a sharp fall witnessed in the 10-year T-bond yield in the NA session weighed on the greenback and forced the US Dollar Index, which touched a daily high of 96.80, return to 96.50 area. For the week, the index is down nearly 1%. Today's data from the u.S. revealed that consumer confidence improved slightly in March and industrial production expanded by less than expected in February.
- US: UoM Consumer Confidence Index improves to 97.8 in March from 93.8.
- US: Industrial production expands 0.1% in February vs 0.4% expected.
Key technical levels
USD/CAD
Trends:Daily SMA20: 1.3278
Daily SMA50: 1.3264
Daily SMA100: 1.33
Daily SMA200: 1.3185
Levels:
Previous Daily High: 1.3349
Previous Daily Low: 1.3287
Previous Weekly High: 1.3469
Previous Weekly Low: 1.3275
Previous Monthly High: 1.3341
Previous Monthly Low: 1.3069
Daily Fibonacci 38.2%: 1.3325
Daily Fibonacci 61.8%: 1.331
Daily Pivot Point S1: 1.3298
Daily Pivot Point S2: 1.3261
Daily Pivot Point S3: 1.3236
Daily Pivot Point R1: 1.336
Daily Pivot Point R2: 1.3385
Daily Pivot Point R3: 1.3422
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