USD/CAD pares early gains, turns flat near 1.3640

USD/CAD is struggling to find direction on Friday.
US Dollar Index stays below 97.50 ahead of key data releases.
WTI posts modest daily losses, trades below $39.

Eren Sengezer FXStreet

The USD/CAD pair is fluctuating in a tight range for the second straight day on Friday. After advancing to a session high of 1.3663, the pair pares its gains and was last seen trading near 1.3640, where it was virtually unchanged on a daily basis.

DXY goes into consolidation on Friday

Investors seem to be opting out to stay on the sidelines ahead of key macroeconomic data releases from the US. In its monthly report, the US Bureau of Economic Analysis (BEA) will release Personal Spending and Personal Income figures for May. Later in the day, the University of Michigan's (UoM) Consumer Sentiment Index for June (final) will be featured in the economic docket as well.

Ahead of these data releases, the US Dollar Index (DXY), which closed the previous two days in the positive territory, is posting small daily losses at 97.35.

Meanwhile, the barrel of West Texas Intermediate (WTI) seems to be having g a difficult time building on Thursday's gains amid worries over the growing number of coronavirus cases negatively impacting the demand outlook. With the WTI trading in the red below $39, the commodity-sensitive loonie struggles to gather strength the USD. Baker Hughes' weekly US Oil Rig Count data could be the last catalyst for the WTI ahead of the weekend.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3646
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.3638

Trends
Daily SMA20	1.3549
Daily SMA50	1.3823
Daily SMA100	1.3792
Daily SMA200	1.3485

Levels
Previous Daily High	1.367
Previous Daily Low	1.3608
Previous Weekly High	1.3686
Previous Weekly Low	1.3505
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3646
Daily Fibonacci 61.8%	1.3632
Daily Pivot Point S1	1.3607
Daily Pivot Point S2	1.3576
Daily Pivot Point S3	1.3544
Daily Pivot Point R1	1.367
Daily Pivot Point R2	1.3701
Daily Pivot Point R3	1.3732

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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