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

 

 

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