USD/CAD rebounds from session lows, trades above 1.3250


  • Existing Home Sales in Canada fell 2.9% in January.
  • Industrial Production in US continued to contract in January.
  • WTI remains on track to close week in positive territory.

The USD/CAD pair dropped to a daily low of 1.3233 during the early trading hours of the American session but easily erased a large portion of its losses. As of writing, the pair was down 0.1% on the day at 1.3255.

DXY loses traction after uninspiring US data 

The mixed macroeconomic data releases from the US triggered a short-lasting USD selloff on Friday. Although Retail Sales in the US rose 0.3% in January as expected, Retail Sales Control Group slumped to 0% in the same period to hurt the USD. Additionally, the monthly data published by the Federal Reserve showed that Industrial Production contracted by 0.3% in January. 

Finally, the University of Michigan's Consumer Confidence Index improved to 100.9 to come in better than analysts' estimate of 99.5.

The US Dollar Index (DXY) pulled away from the multi-month highs that it set at 99.16 earlier in the day but steadied above 99. At the moment, the index is down 0.04% on the day at 99.06, still up around 0.4% since Monday.

On the other hand, the data from Canada revealed that Existing Home Sales in January fell 2.9% to miss the market expectation for a decline of 0.1% and made it tough for the CAD to preserve its strength. Furthermore, the barrel of West Texas Intermediate (WTI) failed to hold above $52 to help the pair rebound from its session lows. Nevertheless, the WTI remains on track to snap its five-week losing streak.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3256
Today Daily Change -0.0007
Today Daily Change % -0.05
Today daily open 1.3263
 
Trends
Daily SMA20 1.3209
Daily SMA50 1.3144
Daily SMA100 1.318
Daily SMA200 1.322
 
Levels
Previous Daily High 1.3272
Previous Daily Low 1.324
Previous Weekly High 1.3321
Previous Weekly Low 1.323
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.326
Daily Fibonacci 61.8% 1.3253
Daily Pivot Point S1 1.3244
Daily Pivot Point S2 1.3226
Daily Pivot Point S3 1.3212
Daily Pivot Point R1 1.3277
Daily Pivot Point R2 1.3291
Daily Pivot Point R3 1.3309

 

 

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