USD/CAD eases from highs, clings to modest gains near mid-1.33s

Crude oil drop weighs on the commodity-sensitive loonie on Friday.
Greenback weakens in the NA session.
Manufacturing sales in Canada rose more than expected in January.

Eren Sengezer FXStreet

The USD/CAD pair climbed to a daily high of 1.3375 in the early NA session as the commodity-related loonie weakened on falling crude oil prices. However, with the greenback meeting a new selling-wave in the last couple of hours, the pair lost its bullish momentum and eased from its daily highs. As of writing, the pair was trading at 1.3350, adding 0.12% on a daily basis.

After advancing to its highest level since mid-November at $58.93, the barrel of West Texas Intermediate reversed its direction amid profit-taking ahead of the weekend and dropped below $58 before going into a consolidation phase. Ahead of the weekly Baker Hughes rig count data, the WTI is down 0.25% on the day at $58.35.

On the other hand, a sharp fall witnessed in the 10-year T-bond yield in the NA session weighed on the greenback and forced the US Dollar Index, which touched a daily high of 96.80, return to 96.50 area. For the week, the index is down nearly 1%. Today's data from the u.S. revealed that consumer confidence improved slightly in March and industrial production expanded by less than expected in February.

US: UoM Consumer Confidence Index improves to 97.8 in March from 93.8.
US: Industrial production expands 0.1% in February vs 0.4% expected.

Key technical levels

USD/CAD

Trends:
    Daily SMA20: 1.3278
    Daily SMA50: 1.3264
    Daily SMA100: 1.33
    Daily SMA200: 1.3185
Levels:
    Previous Daily High: 1.3349
    Previous Daily Low: 1.3287
    Previous Weekly High: 1.3469
    Previous Weekly Low: 1.3275
    Previous Monthly High: 1.3341
    Previous Monthly Low: 1.3069
    Daily Fibonacci 38.2%: 1.3325
    Daily Fibonacci 61.8%: 1.331
    Daily Pivot Point S1: 1.3298
    Daily Pivot Point S2: 1.3261
    Daily Pivot Point S3: 1.3236
    Daily Pivot Point R1: 1.336
    Daily Pivot Point R2: 1.3385
    Daily Pivot Point R3: 1.3422

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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