- Sliding Oil prices undermined the Loonie and helped regain some traction on Friday.
- Conflicting trade headlines kept the USD bulls on the defensive and might cap gains.
- The monthly Canadian employment details will now be eyed for a fresh impetus.
The USD/CAD pair edged higher on Friday, with bulls making a fresh attempt to make it through the 100-day SMA barrier near the 1.3200 handle.
Following the previous session's two-way price moves, sliding Crude Oil prices undermined demand for the commodity-linked currency – Loonie – and helped the pair to regain some positive traction on the last trading day of the week. Oil prices gave back some of the previous session's gains that came after China said they are rolling back tariffs with the US and seemed rather unaffected by the fact that OPEC and its allies are currently considering deeper production cuts.
Subdued USD demand might cap the upside
Meanwhile, conflicting trade-related headlines raised some scepticism about a trade deal and led to a slightly softer risk tone on Friday. This was evident from a modest pullback in the US Treasury bond yields, which failed to assist the US Dollar to capitalize on its overnight strong positive move to near one-month tops and might turn out to be the only factor that might cap any strong gains for the major, at least for the time being.
Apart from the USD/Oil price dynamics, investors on Friday will further take cues from the monthly Canadian employment details. From the US, the release of the preliminary Michigan Consumer Sentiment Index for November might further collaborate towards producing some trading opportunities later during the early North-American session on Friday.
Technical levels to watch
|Today last price||1.3189|
|Today Daily Change||0.0011|
|Today Daily Change %||0.08|
|Today daily open||1.3178|
|Previous Daily High||1.32|
|Previous Daily Low||1.316|
|Previous Weekly High||1.3209|
|Previous Weekly Low||1.3042|
|Previous Monthly High||1.3349|
|Previous Monthly Low||1.3042|
|Daily Fibonacci 38.2%||1.3175|
|Daily Fibonacci 61.8%||1.3184|
|Daily Pivot Point S1||1.3158|
|Daily Pivot Point S2||1.3139|
|Daily Pivot Point S3||1.3118|
|Daily Pivot Point R1||1.3198|
|Daily Pivot Point R2||1.3219|
|Daily Pivot Point R3||1.3238|
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