USD/CAD clings to small daily gains above 1.2500

USD/CAD looks to snap a two-day losing streak.
WTI continues to move sideways above $69 in the American session.
Rising US Treasury bond yields help USD stay resilient against its rivals.

Eren Sengezer FXStreet

The USD/CAD pair edged slightly higher during the American trading hours and was last seen rising 0.1% on the day at 1.2520.

DXY stays calm following Wednesday's drop

Despite the modest rebound witnessed following a two-day decline, USD/CAD's movements remain limited on Thursday amid a lack of high-tier macroeconomic data releases and fundamental drivers. Moreover, crude oil prices trade in a relatively tight range and fail to provide a directional clue to the commodity-related loonie. Currently, the barrel of West Texas Intermediate (WTI) is posting small daily losses at $69.25.

On the other hand, the US Dollar Index, which closed in the negative territory on Wednesday, continues to move up and down between 92.90 and 93.00. The more-than-2% increase seen in the 10-year US Treasury bond yield seems to be helping the USD find demand.

Earlier in the day, the data from the US showed that the weekly Initial Jobless Claims declined by 12,000 375,000. Additionally, the Producer Price Index (PPI) rose to 7.8% on a yearly basis in July from 7.3% in June. Nevertheless, these readings were largely ignored by market participants.

On Friday, the University of Michigan's preliminary Consumer Sentiment Index for August will be featured in the US economic docket.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2521
Today Daily Change	0.0016
Today Daily Change %	0.13
Today daily open	1.2505

Trends
Daily SMA20	1.2558
Daily SMA50	1.2411
Daily SMA100	1.2371
Daily SMA200	1.257

Levels
Previous Daily High	1.2548
Previous Daily Low	1.2489
Previous Weekly High	1.2581
Previous Weekly Low	1.2453
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2512
Daily Fibonacci 61.8%	1.2526
Daily Pivot Point S1	1.248
Daily Pivot Point S2	1.2455
Daily Pivot Point S3	1.2421
Daily Pivot Point R1	1.2539
Daily Pivot Point R2	1.2573
Daily Pivot Point R3	1.2598

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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