USD/CAD ignores rising oil prices, closes in on 1.3700

USD/CAD extended its daily rally in the American session.
WTI turned positive on the day above $87 on OPEC+ decision.
DXY is up more than 1% on a daily basis after US data.

Eren Sengezer FXStreet

USD/CAD preserved its bullish momentum in the second half of the day and touched a daily high of 1.3696 before edging slightly lower. As of writing, the pair was up 1.2% on the day at 1.3670.

Crude oil prices rebound

Crude oil prices gained traction during the American trading hours and the barrel of West Texas Intermediate (WTI), which spent a large portion of the day in negative territory, climbed above $87. News confirming OPEC+ decision to lower the group's output by 2 million barrels per day provided a boost to WTI. Additionally, the EIA reported a larger-than-expected decline in the US' crude oil stocks in the week ending September 30.

The dollar strength, however, dominated USD/CAD's action after the upbeat US data. The US Dollar Index was last seen rising 1.2% on the day at 111.55.

The ADP announced that private sector employment increased by 208,000 in September, higher than analysts' estimate of 200,000. Additionally, the Employment component of the ISM's Services PMI survey rose to 53 from 50.2, revealing that employment in the service sector expanded at a stronger pace in September than it did in August.

Following these data, the probability of a 75 basis points rate hike in November climbed above 70%, suggesting that hawkish Fed bets are driving the market action.

On Friday, September jobs reports from the US and Canada will be watched closely by market participants.

Nonfarm Payrolls Preview: Five scenarios for trading King Dollar as markets plead for pain.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3676
Today Daily Change	0.0158
Today Daily Change %	1.17
Today daily open	1.3518

Trends
Daily SMA20	1.3397
Daily SMA50	1.3123
Daily SMA100	1.299
Daily SMA200	1.284

Levels
Previous Daily High	1.3664
Previous Daily Low	1.3503
Previous Weekly High	1.3838
Previous Weekly Low	1.356
Previous Monthly High	1.3838
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.3565
Daily Fibonacci 61.8%	1.3603
Daily Pivot Point S1	1.3459
Daily Pivot Point S2	1.34
Daily Pivot Point S3	1.3297
Daily Pivot Point R1	1.362
Daily Pivot Point R2	1.3723
Daily Pivot Point R3	1.3782

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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