USD/CAD bears lurking on OPEC news

USD/CAD bears lurking for the open on OPEC news.
OPEC producers announce voluntary oil output cuts.

Ross J Burland FXStreet

USD/CAD ended Friday near flat but the Canadian Dollar edged lower against its US counterpart although it held near its strongest level in more than five weeks. The pair fell from a high of 1.3564 to a low of 1.3507 while the Canadian Dollar was supported by domestic data that pointed to stronger economic growth in the first quarter than the Bank of Canada has projected.

The Canadian economy expanded 0.5% in January, eclipsing the 0.3% increase economists had expected, while preliminary data for February showed Gross Domestic Product advancing by a further 0.3%. Meanwhile, slower US consumer spending growth boosted hopes the Federal Reserve would be less aggressive in hiking interest rates. The latest Personal Consumption Expenditure price index (PCE) also showed inflation is starting to slow in the US. The core price index lifted just 0.3% in February from 0.6% in January. Core inflation is now at 4.6% YoY and the headline level at 5.0% YoY. Personal income increased by 0.3% (from 0.6% in January) while personal spending dropped to 0.2% (from 2.0%).

Meanwhile, the price of oil, one of Canada's major exports, rose to the highest in three weeks on Friday touching $75.68 as a high in the spot market. The weekend news, OPEC producers announce voluntary oil output cuts, is anticipated to lift the price of oil which would be expected to be supportive of CAD.

USD/CAD

Overview
Today last price	1.3519
Today Daily Change	0.0000
Today Daily Change %	-0.00
Today daily open	1.3519

Trends
Daily SMA20	1.3695
Daily SMA50	1.3543
Daily SMA100	1.3522
Daily SMA200	1.3375

Levels
Previous Daily High	1.3564
Previous Daily Low	1.3508
Previous Weekly High	1.3745
Previous Weekly Low	1.3508
Previous Monthly High	1.3862
Previous Monthly Low	1.3508
Daily Fibonacci 38.2%	1.3529
Daily Fibonacci 61.8%	1.3543
Daily Pivot Point S1	1.3496
Daily Pivot Point S2	1.3474
Daily Pivot Point S3	1.344
Daily Pivot Point R1	1.3553
Daily Pivot Point R2	1.3587
Daily Pivot Point R3	1.361

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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