USD/CAD extends slide toward 1.33 as oil recovery gathers momentum


  • WTI adds nearly 3% on Thursday.
  • US Dollar Index stays close to 97 handle following yesterday's rebound.
  • Coming up: Weekly jobless claims and import/export price index data from the U.S.

After closing the first three days of the week in the positive territory, the USD/CAD pair turned south on Thursday with the commodity-sensitive loonie gathering strength against its rivals amid surging crude oil prices. As of writing, the pair was down 0.28% on a daily basis at 1.3306.

Earlier today, reports of an oil tanker explosion in the Gulf of Oman provided a boost to crude oil prices with the barrel of West Texas Intermedia, which closed the day nearly 4% lower on Wednesday after the EIA reported a larger-than-expected buildup in crude oil stockpiles in the U.S., rising toward the $53 mark after a sharp U-turn. As of writing, the barrel of WTI was up 3.1% on the day at $52.65.

Meanwhile, in its latest monthly reports, OPEC reiterated that the escalating trade tensions were expected to continue to weigh on the global oil demand to limit crude oil's gains for the time being.

On the other hand, ahead of low-tier macroeconomic data releases from the U.S., weekly jobless claims and import/export price index, the US Dollar Index is consolidating yesterday's gains around the 97 mark, allowing crude oil prices to continue to drive the pair's price action.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3306
Today Daily Change -0.0038
Today Daily Change % -0.28
Today daily open 1.3344
 
Trends
Daily SMA20 1.3417
Daily SMA50 1.3413
Daily SMA100 1.3348
Daily SMA200 1.3279
Levels
Previous Daily High 1.3346
Previous Daily Low 1.3274
Previous Weekly High 1.3529
Previous Weekly Low 1.3262
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3318
Daily Fibonacci 61.8% 1.3301
Daily Pivot Point S1 1.3296
Daily Pivot Point S2 1.3249
Daily Pivot Point S3 1.3224
Daily Pivot Point R1 1.3368
Daily Pivot Point R2 1.3393
Daily Pivot Point R3 1.344

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

Bears ignore Aussie holidays, cheer coronavirus news at fresh multi-week low near 0.6815

AUD/USD drops to 0.6814, with an intra-day low of 0.6811, during the early Monday morning in Asia. The fears of China’s coronavirus outbreak are dominating the market’s risk sentiment off-late.

AUD/USD News

USD/JPY: Coronavirus bearish gap breaks below 109

USD/JPY has dropped heavily in the open, breaking below the 109 handle to print a fresh low of 108.88 as traders prepare for a risk-off week when considering the implications of the Coronavirus. 

USD/JPY News

Are you anxious about Coronavirus? Well, so are the markets

There's so much we don't know about Coronavirus, which increases the level of concern from public health officials, you & I as well as the markets and we can expect a risk-off start to the week ahead of a pretty major schedule.

Read more

WTI: Bears pile in on Coronavirus and ME threats

WTI is starting out the day on the offer, opening in a bearish gap and extending the bear trend to a low of $52.19 and lowest levels since October. Global growth and risk-off themes are affecting the price.

Oil News

GBP/USD: 50-day SMA, 61.8% Fibonacci question sellers

Cable stays weak while declining to the intra-day low of 1.3068 by the press time of Monday’s Asian session. The pair registers 3 days losing streak while also forming a lower high pattern if observed its moves from Dec 2019 top.

GBP/USD News

Forex MAJORS

Cryptocurrencies

Signatures