USD/CAD meets resistance at 1.2600, trades flat near 1.2580

USD/CAD is moving sideways in a relatively tight range on Thursday.
Crude oil prices are pushing lower for second straight day.
US Dollar Index stays quiet above 94.00 ahead of Initial Jobless Claims data.

Eren Sengezer FXStreet

The USD/CAD pair erase its daily gains and closed virtually unchanged at 1.2587 on Wednesday. Although the pair managed to edge higher toward 1.2600 in the early European session on Thursday, it seems to be struggling to gather bullish momentum. As of writing, USD/CAD was flat on the day at 1.2585.

WTI declines to $76 following Wednesday's drop

Falling crude oil prices amid easing concerns over energy inflation is making it difficult for the CAD to gather strength against its rivals. The barrel of West Texas Intermediate (WTI), which lost more than 2.5% on Wednesday, is currently trading near $76, down 1% on the day.

On the other hand, the improving market mood is not allowing the greenback to find demand and limiting USD/CAD's upside. Reflecting the risk-positive market environment, major European equity indexes are up more than 1% and the S&P Futures are rising 0.65%. Meanwhile, the US Dollar Index is posting small daily losses at 94.17.

Later in the session, the US Department of Labor will publish its weekly Initial Jobless Claims data. Nevertheless, investors are likely to pay little to no attention to this report ahead of Friday's critical September jobs report. Meanwhile, market participants will keep a close eye on US stocks and a decisive rally in Wall Street's main indexes could put additional weight on the safe-haven USD's shoulders in the second half of the day.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2579
Today Daily Change	-0.0012
Today Daily Change %	-0.10
Today daily open	1.2591

Trends
Daily SMA20	1.2683
Daily SMA50	1.2626
Daily SMA100	1.2474
Daily SMA200	1.2516

Levels
Previous Daily High	1.2648
Previous Daily Low	1.2571
Previous Weekly High	1.2775
Previous Weekly Low	1.2594
Previous Monthly High	1.2896
Previous Monthly Low	1.2494
Daily Fibonacci 38.2%	1.2619
Daily Fibonacci 61.8%	1.26
Daily Pivot Point S1	1.2558
Daily Pivot Point S2	1.2526
Daily Pivot Point S3	1.248
Daily Pivot Point R1	1.2636
Daily Pivot Point R2	1.2681
Daily Pivot Point R3	1.2713

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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