USD/CAD fails to break above 1.3250, erases daily gains as WTI recovers above $54

  • WTI rises above $54 ahead of EIA report.
  • Annual core CPI in the U.S. rises by 2.2% in January.
  • US Dollar Index sticks to modest gains below 97.

The USD/CAD pair refreshed its session high near 1.3250 in the early NA session but reversed its course as the commodity-related loonie gathered strength on rising crude oil prices. As of writing, the pair was trading at 1.3225, losing 0.11% on a daily basis.

Earlier in the session, the data from the U.S. showed that the core CPI, which excludes volatile food and energy prices, rose 2.2% on a yearly basis to come in slightly above the market expectation of 2.1%. On the other hand, CPI on a monthly basis stayed unchanged for the second month in a row in January. The greenback stayed apathetic to inflation data but gained traction amid rising T-bond yields. With the 10-year reference adding more than 1% for the third straight day, the DXY rose above 97 but struggled to hold there. At the moment, the index is up 0.18% on a daily basis at 96.87.

On the other hand, crude oil extended its rebound into a second day on hopes of OPEC output cuts, which reduced the total output by 800K barrels per day in January according to OPEC's monthly report, further supporting prices. Minutes ahead of the weekly EIA stock report, the WTI is up 1.9% on the day at $54.30.

There won't be any macroeconomic data releases in the remainder of the day and investors will be paying close attention to WTI movements.

Key technical levels


    Today Last Price: 1.3225
    Today Daily change %: -0.11%
    Today Daily Open: 1.3239
    Daily SMA20: 1.3242
    Daily SMA50: 1.3368
    Daily SMA100: 1.3237
    Daily SMA200: 1.3142
    Previous Daily High: 1.3316
    Previous Daily Low: 1.3233
    Previous Weekly High: 1.333
    Previous Weekly Low: 1.3084
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3265
    Daily Fibonacci 61.8%: 1.3284
    Daily Pivot Point S1: 1.321
    Daily Pivot Point S2: 1.318
    Daily Pivot Point S3: 1.3128
    Daily Pivot Point R1: 1.3292
    Daily Pivot Point R2: 1.3345
    Daily Pivot Point R3: 1.3374


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggling at the lows ahead of US GDP

EUR/USD is trading in the low 1.1100s, consolidating its losses. Markets are stalling ahead of the all-important US GDP report which carries high expectations. Some suspect a "sell the fact" response in reaction to an OK number.


GBP/USD recaptures 1.2900 amid the Brexit impasse, ahead of US GDP

GBP/USD is trading slightly above 1.2900, recovering the lost ground after hitting two-month lows. The Brexit impasse weighs as the main parties have not made progress. The anticipation to US GDP limits movements.


USD/JPY off-highs, but stays above 200-day MA

USD/JPY is enjoying good two-way price movements, with the upside capped by the risk-off trades in the Asian equities and Yen flows ahead of the 10-day holiday while the downside remains cushioned by mixed Japanese macro data and renewed optimism over the US-China trade deal. 


US First Quarter GDP Preview: Reasons to be cheerful

US economic growth forecast to be stable in the first quarter. Improved consumer attitudes and retail sales give reason for optimism. Labor market key to economic growth.

Read more

Gold climbs to 1-1/2 week tops, back above $1280 level ahead of US GDP

Gold edged higher on the last trading day of the week and jumped back above $1280 level, just above over one-week tops set in the previous session.

Gold News