USD/CAD edges back closer to 1.3300 handle, focus shifts to Canadian GDP

Weaker oil prices undermined the loonie and helped the pair to regain some traction.
A modest pickup in the USD demand remained supportive of the intraday uptick.
Investors look forward to Canadian monthly GDP growth figures for a fresh impetus.

Haresh Menghani FXStreet

The USD/CAD pair edged higher during the early European session on Friday, with bulls making a fresh attempt to reclaim and build on the momentum beyond the 1.3300 handle.

A softer tone surrounding crude oil prices underpinned demand for the commodity-linked currency – loonie and was seen as one of the key factors lending some initial support to the major. Despite expectations that OPEC and its allies will extend the current supply cut agreement, oil prices edged lower amid doubts over the US-China “phase one” trade deal.

Apart from weaker oil prices, the latest leg of an uptick over the past couple of hours could further be attributed to a modest pickup in the US dollar demand. The USD uptick, however, seemed to lack any strong bullish conviction amid retreating US Treasury bond yields, which might keep a lid on any strong follow-through positive move for the major.

Market participants now look forward to Friday's important release of monthly Canadian GDP growth figures for a fresh impetus later during the early North-American session. This coupled with any trade-related headlines might further influence the USD price dynamics and contribute towards producing some meaningful trading opportunities.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3292
Today Daily Change	0.0010
Today Daily Change %	0.08
Today daily open	1.3282

Trends
Daily SMA20	1.3237
Daily SMA50	1.3218
Daily SMA100	1.3218
Daily SMA200	1.3278

Levels
Previous Daily High	1.33
Previous Daily Low	1.3234
Previous Weekly High	1.3328
Previous Weekly Low	1.3156
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3259
Daily Fibonacci 61.8%	1.3275
Daily Pivot Point S1	1.3243
Daily Pivot Point S2	1.3205
Daily Pivot Point S3	1.3176
Daily Pivot Point R1	1.331
Daily Pivot Point R2	1.3339
Daily Pivot Point R3	1.3377

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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