USD/CAD drops below 1.3250 as WTI rebounds above $52


  • Crude oil prices recover following Thursday's modest drop.
  • US Dollar Index stays calm above 99 mark.
  • Retail Sales and Industrial Production data from US coming up next.

The USD/CAD pair continues to react to crude oil's performance in the absence of significant macroeconomic data releases on Friday. As of writing, the pair was down 0.2% on the day at 1.3240.

Crude oil rises on hopes of deeper output cuts

After staging a decisive rebound during the first half of the week, crude oil prices lost the recovery momentum on Thursday amid resurfacing concerns over the coronavirus outbreak weighing on the global oil demand growth.

However, with reports suggesting that Russian oil firms were in favour of extending the oil output cuts, crude oil gained traction and the barrel of West Texas Intermediate (WTI) advanced to its highest level of February above $52. As of writing, the WTI was up 1.4% on the day at $52.20, helping the commodity-related CAD find demand.

In the second half of the day, markets will be watching mid-tier macroeconomic data releases from US for fresh catalysts.

Ahead of Retail Sales, Industrial Production, Capacity Utilization and the University of Michigan's (UoM) Consumer Confidence Index data, the US Dollar Index is staying flat on the day near 99.10.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3241
Today Daily Change -0.0022
Today Daily Change % -0.17
Today daily open 1.3263
 
Trends
Daily SMA20 1.3209
Daily SMA50 1.3144
Daily SMA100 1.318
Daily SMA200 1.322
 
Levels
Previous Daily High 1.3272
Previous Daily Low 1.324
Previous Weekly High 1.3321
Previous Weekly Low 1.323
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.326
Daily Fibonacci 61.8% 1.3253
Daily Pivot Point S1 1.3244
Daily Pivot Point S2 1.3226
Daily Pivot Point S3 1.3212
Daily Pivot Point R1 1.3277
Daily Pivot Point R2 1.3291
Daily Pivot Point R3 1.3309

 

 

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: A tough barrier remains around 0.6800

AUD/USD: A tough barrier remains around 0.6800

AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by50 bps.

AUD/USD News
EUR/USD still targets the 2024 peaks around 1.1200

EUR/USD still targets the 2024 peaks around 1.1200

EUR/USD added to Tuesday’s losses after the post-FOMC rebound in the US Dollar prompted the pair to give away earlier gains to three-week highs in the 1.1185-1.1190 band.

EUR/USD News
Gold surrenders gains and drops to weekly lows near $2,550

Gold surrenders gains and drops to weekly lows near $2,550

Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.

Gold News
Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.

Read more
UK CPI set to grow at stable 2.2% in August ahead of BoE meeting

UK CPI set to grow at stable 2.2% in August ahead of BoE meeting

The United Kingdom Office for National Statistics will release August Consumer Price Index figures on Wednesday. Inflation, as measured by the CPI, is one of the main factors on which the Bank of England bases its monetary policy decision, meaning the data is considered a major mover of the Pound Sterling.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures