• USD/CAD holds steady above mid-1.3000s, still below the overnight swing high.
  • A subdued USD demand, weaker oil failed to provide any meaningful impetus.
  • Friday’s US/Canadian jobs report eyed for some short-term trading opportunities.

The USD/CAD pair was seen oscillating in a narrow trading band, just above mid-1.3000s and remained well below two-week tops set in the previous session.

The pair on Thursday gained some follow-through traction and recovered farther from multi-week tops set earlier this week amid some follow-through US dollar appreciation. The greenback remained well supported by higher US Treasury bond yields, amid the de-escalation of geopolitical tensions in the Middle East.

Traders preferred to stay on the sidelines

It is worth recalling that the prospect of war in the Middle East ebbed on Wednesday after the US President Donald Trump signalled that there will be no further military action against the Islamic Republic. The pair rallied to levels just above the 1.3100 handle but failed to capitalize, rather ran out of the steam at higher levels.

A modest intraday bounce in oil prices extended some support to the commodity-linked currency – loonie and turned out to be one of the key factors that prompted some selling at higher levels. The downside, however, remained cushioned, at least for now, ahead of Friday's important release of monthly jobs report from the US and Canada.

Heading into the key event risk, investors might refrain from placing any aggressive bets, which might eventually lead to an extension of the range-bound trading action amid a subdued USD demand and a mildly weaker tone surrounding oil prices.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3067
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.3068
 
Trends
Daily SMA20 1.3083
Daily SMA50 1.3174
Daily SMA100 1.32
Daily SMA200 1.3249
 
Levels
Previous Daily High 1.3106
Previous Daily Low 1.3026
Previous Weekly High 1.3085
Previous Weekly Low 1.2943
Previous Monthly High 1.3322
Previous Monthly Low 1.2951
Daily Fibonacci 38.2% 1.3075
Daily Fibonacci 61.8% 1.3056
Daily Pivot Point S1 1.3027
Daily Pivot Point S2 1.2986
Daily Pivot Point S3 1.2947
Daily Pivot Point R1 1.3107
Daily Pivot Point R2 1.3146
Daily Pivot Point R3 1.3187

 

 

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