USD/CAD flat-lined below 1.2850 in light holiday trading

USD/CAD is fluctuating in a very tight range on Thursday.
WTI is consolidating Wednesday's gains, trades below $48.
US Dollar Index edges lower as markets eye Brexit deal.

Eren Sengezer FXStreet

The USD/CAD pair is moving sideways in a narrow band as trading volume thins out on Christmas Eve. As of writing, the pair was unchanged on a daily basis at 1.2843.

WTI reverses direction on Thursday

On Wednesday, rising crude oil prices and the broad-based USD weakness caused USD/CAD to snap a three-day winning streak.

With the barrel of West Texas Intermediate (WTI) gaining more than 2%, the commodity-related outperformed its rivals and USD/CAD lost nearly 60 pips. On Thursday, the WTI is consolidating its gains near $47.75, losing 0.6% on the day.

On the other hand, the USD came under renewed selling pressure as investors cheered reports suggesting that the UK and the EU reached a trade deal. However, the official announcement that was expected to be released earlier in the day got delayed due to some details regarding fishing quotas.

Nevertheless, the greenback struggled to attract investors and the US Dollar Index was last seen losing 0.12% on the day at 90.30.

The only data from Canada showed on Thursday that Building Permits in November increased by 12.9% to beat the market expectation of 3% but was largely ignored by market participants.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2841
Today Daily Change	-0.0011
Today Daily Change %	-0.09
Today daily open	1.2852

Trends
Daily SMA20	1.2839
Daily SMA50	1.3016
Daily SMA100	1.3116
Daily SMA200	1.3456

Levels
Previous Daily High	1.2915
Previous Daily Low	1.2834
Previous Weekly High	1.2798
Previous Weekly Low	1.2688
Previous Monthly High	1.337
Previous Monthly Low	1.2923
Daily Fibonacci 38.2%	1.2865
Daily Fibonacci 61.8%	1.2884
Daily Pivot Point S1	1.2819
Daily Pivot Point S2	1.2786
Daily Pivot Point S3	1.2738
Daily Pivot Point R1	1.29
Daily Pivot Point R2	1.2948
Daily Pivot Point R3	1.2981

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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