USD/CAD pares early losses, turns positive on the day above 1.2300


  • USD/CAD gains traction during the American trading hours.
  • US Dollar Index continues to fluctuate below 92.00.
  • Mixed macroeconomic data releases from US failed to trigger a significant market reaction.

The USD/CAD pair dropped to a daily low of 1.2280 in the early American session on Thursday but managed to reverse its direction. As of writing, the pair was up 0.1% on the day at 1.2316.

DXY holds below 92.00 after US data

Earlier in the day, the US Bureau of Economic Analysis announced that it left the annualized first quarter Real GDP growth unchanged at 6.4% in its final estimate. This reading matched the market consensus and was largely ignored by market participants.

Other data from the US revealed that the weekly Initial Jobless Claims edged lower to 411K from 418K but came in weaker than the market expectation of 380K. Finally, the US Census Bureau's monthly publication revealed that Durable Goods Orders increased by 2.3% in May, compared to analysts' estimate of 2.7%.

Following these data, the US Dollar Index (DXY) is posting small daily gains around 91.80, helping USD/CAD stay in the positive territory.

Meanwhile, crude oil prices are trading in a relatively tight range near Wednesday's closing level, allowing the USD's market valuation to continue to impact USD/CAD's movements.

Later in the session, Federal Reserve Bank of New York President John Williams' comments on the policy outlook will be looked upon for fresh impetus. On Friday, the PCE inflation report will be featured in the US economic docket.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.2307
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.2306
 
Trends
Daily SMA20 1.2173
Daily SMA50 1.2224
Daily SMA100 1.2414
Daily SMA200 1.27
 
Levels
Previous Daily High 1.2329
Previous Daily Low 1.2252
Previous Weekly High 1.2481
Previous Weekly Low 1.2128
Previous Monthly High 1.2352
Previous Monthly Low 1.2013
Daily Fibonacci 38.2% 1.2282
Daily Fibonacci 61.8% 1.23
Daily Pivot Point S1 1.2262
Daily Pivot Point S2 1.2219
Daily Pivot Point S3 1.2186
Daily Pivot Point R1 1.2339
Daily Pivot Point R2 1.2372
Daily Pivot Point R3 1.2415

 

 

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