USD/CAD moves above 1.3700 after rebounding from the weekly lows, Canada Retail Sales eyed

USD/CAD extends gains ahead of Canada’s Retail Sales release.
The recovery in Crude oil prices could support the Canadian Dollar.
US S&P Global PMI data is expecting a slight decline in November.

Akhtar Faruqui FXStreet

USD/CAD rebounds from the weekly lows hit on Thursday, extending gains for the second consecutive day. The USD/CAD pair trades higher near 1.3710 during the Asian session ahead of Canada’s Retail Sales release on Friday.

The Canadian Dollar (CAD) witnessed downward pressure due to the decline in Crude oil prices in the previous session, which could be attributed to the unexpected delay in an upcoming OPEC+ meeting.

However, Western Texas Intermediate (WTI) price recovers the recent losses, trading higher around $76.50 per barrel, by the press time and bringing minor support for the Loonie Dollar (CAD). This delay has introduced unpredictability regarding the future actions and decisions of the OPEC+ alliance, contributing to market uncertainty.

Bank of Canada (BoC) Governor Tiff Macklem's recent speech highlighted that policymakers "might" have taken sufficient measures to control inflation and balance the economy. On the flip side, the rising likelihood of no additional interest rate hikes by the Federal Reserve (Fed) fosters a risk-on sentiment, potentially weakening the USD/CAD pair.

The US Dollar Index (DXY) recovers recent losses, buoyed by the improvement in US Treasury yields, and trades higher around 103.80. The US 10-year and 2-year bond yields have surged to 4.46% and 4.94%, respectively. Looking ahead on the economic calendar, Friday's release of the US S&P Global PMI data is anticipated, with a slight expected decline in November. Investors will be closely watching these figures for insights into the performance of key sectors in the US economy.

USD/CAD: additional levels to watch

Overview
Today last price	1.3708
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.3696

Trends
Daily SMA20	1.3758
Daily SMA50	1.3673
Daily SMA100	1.3541
Daily SMA200	1.3516

Levels
Previous Daily High	1.3711
Previous Daily Low	1.3651
Previous Weekly High	1.3844
Previous Weekly Low	1.3655
Previous Monthly High	1.3892
Previous Monthly Low	1.3562
Daily Fibonacci 38.2%	1.3688
Daily Fibonacci 61.8%	1.3674
Daily Pivot Point S1	1.3661
Daily Pivot Point S2	1.3626
Daily Pivot Point S3	1.3601
Daily Pivot Point R1	1.3721
Daily Pivot Point R2	1.3746
Daily Pivot Point R3	1.3781

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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