USD/CAD drops below 1.33 on crude oil recovery


  • WTI climbs above $55 ahead of OPEC report, Baker Hughes data.
  • US Dollar Index clings to gains above 98 mark. 
  • Coming up: University of Michigan Consumer Confidence Index and housing data from US. 

The USD/CAD pair fluctuated in a tight range a little above the 1.33 handle on Thursday but came under modest bearish pressure today with the commodity-related Loonie gathering strength on the back of rising crude oil prices. As of writing, the pair was down 0.13% on a daily basis at 1.3290.

Crude oil rebounds on Friday

Before the OPEC releases the August Oil Market report at 11:20 GMT, the barrel of West Texas Intermediate is up 1.5% on the day at $55.50. The fact that European equity indexes and the 10-year US Treasury bond are posting decisive recovery gains on Friday points out to an improved market sentiment, which helps crude oil gain traction. Later in the day, the weekly Baker Hughes rig data will also be looked upon for fresh impetus.

On the other hand, the Greenback continues to outperform its major rivals with the US Dollar Index (DXY) pushing higher for the fourth straight day. As the DXY is clinging to its daily gains at 98.27, the pair struggles to edge lower.

Later in the day, the University of Michigan's Consumer Confidence Index, which is expected to retreat to 97.2 in August from 98.4, and Housing Starts Change and Building Permits data from the US will be looked upon for fresh impetus.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3289
Today Daily Change -0.0025
Today Daily Change % -0.19
Today daily open 1.3314
 
Trends
Daily SMA20 1.3203
Daily SMA50 1.3183
Daily SMA100 1.33
Daily SMA200 1.3312
Levels
Previous Daily High 1.334
Previous Daily Low 1.3286
Previous Weekly High 1.3345
Previous Weekly Low 1.3178
Previous Monthly High 1.3215
Previous Monthly Low 1.3016
Daily Fibonacci 38.2% 1.3306
Daily Fibonacci 61.8% 1.3319
Daily Pivot Point S1 1.3287
Daily Pivot Point S2 1.3259
Daily Pivot Point S3 1.3233
Daily Pivot Point R1 1.3341
Daily Pivot Point R2 1.3367
Daily Pivot Point R3 1.3395

 

 

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