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.

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