USD/CAD climbs to fresh daily highs above 1.2070

USD/CAD continues to edge higher ahead of American session.
Crude oil prices turned south after reaching new multi-year highs.
Eyes on high-tier macroeconomic data releases from the US.

Eren Sengezer FXStreet

The USD/CAD pair gained traction after closing in the red on Wednesday and climbed to a daily high of 1.2074 during the European trading hours. At the moment, the pair is rising 0.33% on a daily basis at 1.2071.

CAD loses interest as oil pares daily gains

Earlier in the day rising crude oil prices help the commodity-related loonie limit its losses. However, with the barrel of West Texas Intermediate, which touched its highest level since October 2018 at $69.73, reversing its direction, USD/CAD extended its daily rally. As of writing, WTI was posting small daily losses at $68.72.

On the other hand, the risk-averse market environment is helping the USD outperform its rivals ahead of key macroeconomic data releases. The US Dollar Index is currently up 0.18% at 90.07, helping USD/CAD preserve its bullish momentum.

The ADP Employment Change will be the first data release of the day from the US. The US Department of Labor's weekly Initial Jobless Claims data and the ISM Services PMI will be looked upon for fresh impetus as well.

There won't be any macroeconomic data releases from Canada and the USD's market valuation is likely to impact USD/CAD's movements in the second half of the day.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.207
Today Daily Change	0.0035
Today Daily Change %	0.29
Today daily open	1.2035

Trends
Daily SMA20	1.2091
Daily SMA50	1.2331
Daily SMA100	1.2494
Daily SMA200	1.2769

Levels
Previous Daily High	1.2092
Previous Daily Low	1.2029
Previous Weekly High	1.2142
Previous Weekly Low	1.2029
Previous Monthly High	1.2352
Previous Monthly Low	1.2013
Daily Fibonacci 38.2%	1.2053
Daily Fibonacci 61.8%	1.2068
Daily Pivot Point S1	1.2012
Daily Pivot Point S2	1.1989
Daily Pivot Point S3	1.195
Daily Pivot Point R1	1.2075
Daily Pivot Point R2	1.2114
Daily Pivot Point R3	1.2137

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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