USD/CAD holds gains above 1.2600 amid weaker USD and WTI prices

  • USD/CAD remains supported above 1.2600 amid risk-on mood.
  • WTI-price weakness and subdued USD keeps the range play intact.
  • Further upside remains at the mercy of the US data, Powell’s speech.

USD/CAD is trading on the front foot above 1.2600, consolidating the two-day uptrend to five-day highs of 1.2634.

The pause in the USD/CAD advance could be attributed to the subdued trading seen in the US dollar against its main peers so far this Thursday. The greenback has preserved the American rebound, although lacks follow-through bias ahead of the Fed Chair Jerome Powell’s speech at the IMF Spring event later today.

Meanwhile, the bearish sentiment around WTI prices weighs on the resource-linked Canadian dollar, in turn, supporting the upside in the spot. Oil prices remain undermined by a hefty build in the US gasoline inventories while mixed Asian equities also add to the weight on the higher-yielding oil.

On Wednesday, dovish FOMC minutes, uncertainty over President Joe Biden’s huge infrastructure bill and rising Treasury yields spooked investors, as they scurried for safety in the US currency.

This Thursday, markets look forward to the US weekly jobless claims and Powell’s appearance for fresh near-term trading opportunities.

USD/CAD: Technical levels


Today last price 1.2621
Today Daily Change 0.0012
Today Daily Change % 0.10
Today daily open 1.2609
Daily SMA20 1.254
Daily SMA50 1.2631
Daily SMA100 1.2719
Daily SMA200 1.2993
Previous Daily High 1.2635
Previous Daily Low 1.2563
Previous Weekly High 1.2647
Previous Weekly Low 1.2528
Previous Monthly High 1.274
Previous Monthly Low 1.2365
Daily Fibonacci 38.2% 1.2607
Daily Fibonacci 61.8% 1.259
Daily Pivot Point S1 1.257
Daily Pivot Point S2 1.253
Daily Pivot Point S3 1.2498
Daily Pivot Point R1 1.2641
Daily Pivot Point R2 1.2674
Daily Pivot Point R3 1.2713



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

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD retains weekly gains trades above 1.2000

EUR/USD peaked at 1.2079, now stable in the 1.2030 region. The shared currency holds on to recent gains despite renewed demand for its American rival.


GBP/USD retreats from 1.40 despite upbeat UK job figures

GBP/USD is extending its falls after retreating from 1.40 as the dollar edges higher. Earlier, the UK reported a drop in the unemployment rate to 4.9%, better than expected. The Claimant Count Change also beat estimates with 10.1K. 


XAU/USD clings to modest gains around $1,780 despite USD strength

The XAU/USD gained traction in the early American session and climbed to a daily high of $1,780. Although the greenback started to gather strength in the second half of the day, the pair stayed relatively resilient and was last seen rising 0.35% on the day at $1,778.

Gold News

WeWork and Venmo join the Bitcoin craze while prices consolidate

The announcement by WeWork that it will begin accepting payments in select cryptocurrencies, including Bitcoin, Ethereum, USD Coin, Paxos, and several others, is another sign of adoption and follows the decision by Tesla to do the same

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

The Bank of Canada is widely expected to keep its policy rate unchanged at 0.25% on Wednesday. However, the improving economic outlook and recent remarks from officials suggest that the BoC could become the first major central bank to lay out a roadmap out of the ultra-loose policy.

Read more