The Canadian dollar manages to keep the bid tone intact against its American counterpart in the Asian session this Thursday, keeping USD/CAD within a striking distance of fresh four-day lows struck at 1.3049 earlier on the day.

USD/CAD supported above 50-DMA at 1.3039

Currently, the USD/CAD pair trades +0.16% higher at 1.3221, having printed fresh session highs at 1.3229 in the last hour. The Loonie moved-off highs, but remains well bid as the sentiment around the resource-linked currency remains underpinned amid upside consolidation in oil prices, following the OPEC’s output cut deal announcement.

Reuters sources noted late-Wednesday that the OPEC finally reached a modest agreement to limit production levels, which will be executed at its Nov meeting. The OPEC would reduce output to a range of 32.5-33.0 million barrels per day, marking the first deal in eight years.

In the day ahead, the major will be left to the mercy of the oil price-action until the NA session, with the US GDP data lined up for released alongside a slew of Fed speaks.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3095 (200-DMA) and 1.3141/42 (10 & 5-DMA) and from there to 1.3200 (round figure). To the downside, immediate support might be located at 1.3039 (50-DMA) and below that at 1.3001 (100-DMA) and at 1.2977 (Sept 2 low).

    1. R3 1.3401
    2. R2 1.3335
    3. R1 1.3208
  1. PP 1.3142
    1. S1 1.3014
    2. S2 1.2949
    3. S3 1.2821

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

GBP/USD defends 1.1900 after mixed UK Retail Sales

GBP/USD defends 1.1900 after mixed UK Retail Sales

GBP/USD is off the lows but remains vulnerable amid mixed UK Retail Sales and broad USD strength. The UK Retail Sales surprised positively, with a 0.3% rise MoM in July. On an annualized basis, UK consumer spending fell 3.4% vs. 3.3% expected. 

GBP/USD News

EUR/USD drops towards 1.0050 amid recession woes, hawkish Fed bets

EUR/USD drops towards 1.0050 amid recession woes, hawkish Fed bets

EUR/USD holds lower ground near the monthly bottom, approaching 1.0050 as the US dollar trades firmer amid a sluggish European morning. Fears of German recession, geopolitical concerns and hawkish Fedspeak weigh on the major currency pair.

EUR/USD News

Gold: Firmer DXY directs bears towards $1,730

Gold: Firmer DXY directs bears towards $1,730

Gold price takes offers to renew monthly low near $1,750 during early Friday morning in Europe. The bullion prices register the five-day downtrend as the US dollar bulls cheer recession woes, as well as firmer US data and hopes of the Fed’s aggression vis-à-vis rate hikes.

Gold News

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price is in a tough spot as it approaches the end of its uptrend that has been ongoing for two months. While bearish as the altcoin looks, a minor relief rally or bounce could help investors cash out before another leg down. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures