USD/CAD drops below 1.2400 as WTI rebounds ahead of OPEC+ meet

USD/CAD stalls its post-Fed recovery as WTI finds its feet in European trading.
The downside in the pair remains capped by the resurgent USD demand.
All eyes on the WTI price action ahead of the OPEC meeting.

Dhwani Mehta FXStreet

USD/CAD is falling back towards the daily lows of 1.2375, as the bulls fail to resist above the 1.2400 level.

In doing so, the major pauses the Asian rebound, courtesy of the rebound in WTI prices. The US oil is recovering ground, as traders reposition ahead of the OPEC and its allies (OPEC+) meeting due later on Thursday.

Higher oil prices benefit the resource-linked Canadian dollar, as black gold is Canada’s top export product.

Despite the pullback in the pair, the bulls remain hopeful amid a broad-based recovery in the US dollar. The greenback has reversed more than half of the Fed-led decline, now trading at 94.10, up 0.25% on the day.

The US currency tumbled alongside the Treasury yields during Fed Chair Jerome Powell’s press conference, in which he responded that the central bank will stay patient on the interest rate hikes until the maximum employment goal is reached.

Looking ahead, the pair will remain at the mercy of the US dollar dynamics and the sentiment around the US oil, with all eyes on the OPEC+ meeting.

USD/CAD: Technical levels to watch out

USD/CAD

Overview
Today last price	1.2393
Today Daily Change	0.0003
Today Daily Change %	0.02
Today daily open	1.2391

Trends
Daily SMA20	1.2399
Daily SMA50	1.2555
Daily SMA100	1.2533
Daily SMA200	1.2485

Levels
Previous Daily High	1.2458
Previous Daily Low	1.2381
Previous Weekly High	1.2432
Previous Weekly Low	1.23
Previous Monthly High	1.2739
Previous Monthly Low	1.2288
Daily Fibonacci 38.2%	1.241
Daily Fibonacci 61.8%	1.2428
Daily Pivot Point S1	1.2362
Daily Pivot Point S2	1.2334
Daily Pivot Point S3	1.2286
Daily Pivot Point R1	1.2438
Daily Pivot Point R2	1.2486
Daily Pivot Point R3	1.2514

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.