USD/CAD pulls away from multi-week highs, trades near 1.3400


  • USD/CAD lost its traction after climbing above 1.3400.
  • WTI stays relatively calm below $40 on Thursday.
  • US Dollar Index clings to modest daily gains ahead of mid-tier US data.

The USD/CAD pair rose to its highest level since August 4th at 1.3414 on Thursday but struggled to preserve its bullish momentum in the absence of significant fundamental drivers. As of writing, the pair was up 0.1% on the day at 1.3399.

USD continues to outperform its rivals

The broad-based USD strength and the uninspiring performance of crude oil prices on Wednesday allowed USD/CAD to gain more than 80 pips. 

The barrel of West Texas Intermediate (WTI) closed modestly lower near mid-$39s after climbing to $40.70 on Wednesday and is trading in a tight range below $40 on Thursday, failing to provide a directional clue to the commodity-sensitive loonie. 

On the other hand, the US Dollar Index (DXY), which closed the previous four trading days in the positive territory, edged higher on Thursday but seems to be struggling to hold above 94.50. Ahead of the weekly Initial Jobless, New Home Sales and Kansas Fed Manufacturing Activity data from the US, the DXY is up 0.1% on the day at 94.45.

There won't be any macroeconomic data release featured in the Canadian economic docket in the remainder of the week and the USD's market valuation is likely to continue to impact USD/CAD's movements if WTI extends consolidation near $40.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3393
Today Daily Change 0.0006
Today Daily Change % 0.04
Today daily open 1.3387
 
Trends
Daily SMA20 1.3167
Daily SMA50 1.3264
Daily SMA100 1.3476
Daily SMA200 1.3523
 
Levels
Previous Daily High 1.3387
Previous Daily Low 1.3294
Previous Weekly High 1.3247
Previous Weekly Low 1.3128
Previous Monthly High 1.3451
Previous Monthly Low 1.302
Daily Fibonacci 38.2% 1.3351
Daily Fibonacci 61.8% 1.333
Daily Pivot Point S1 1.3325
Daily Pivot Point S2 1.3263
Daily Pivot Point S3 1.3233
Daily Pivot Point R1 1.3417
Daily Pivot Point R2 1.3448
Daily Pivot Point R3 1.351

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

LIVE: Trump and Biden clash in final debate, tensions are high

US President Trump and former VP Biden have their last chances to influence undecided voters on the national stage. Markets are watching. Live. 

FOLLOW US LIVE

EUR/USD stable around 1.1820 ahead of US presidential debate

The EUR/USD pair spent the American session consolidating around 1.1820. Hopes for a US stimulus deal backed the greenback ahead of the US presidential debate.

EUR/USD News

Gold: Bears seeking a continuation below key daily support

Gold prices are back under pressure and below a critical trendline on the daily chart. The swing trading opportunities are caught up in the wash of volatility. A day trading strategy could offer an opportunity if price obeys market structure.

Gold News

USD/JPY probes resistance at 104.94 as Japan's core CPI drops

USD/JPY tested former support-turned-hurdle at 104.94 (Oct. 2 low) a few minutes ago as Japan's consumer prices slipped for the second straight month in September. The resistance has held intact, forcing the currency pair back to 104.80.

USD/JPY News

WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures