USD/CAD rebounds to 1.3330 as WTI drops to $58

Latest headlines on the U.S. - China trade conflict weighs on crude oil prices.
WTI eases from 2019 highs.
US Dollar Index recovers toward the 97 mark.

Eren Sengezer FXStreet

The USD/CAD pair gained traction in the last hour as the commodity-related loonie came under selling pressure amid falling crude oil prices. As of writing, the pair was trading 1.3330, adding 0.2% on a daily basis.

Citing three people familiar with the matter, Bloomberg on Thursday reported that the U.S. was planning to postpone the meeting between Chinese President Xi and Trump to end of April, hurting the market sentiment and weighing on crude oil prices. At the moment, the barrel of West Texas Intermediate, which touched its highest level since November at $58.65, is now trading at $58, losing 0.5% on a daily basis.

Moreover, the bearish pressure surrounding European major currencies boosted the demand for greenback on Thursday to support the pair's daily advance. Additionally, the 10-year T-bond yield is gaining nearly 1% on the day to help the US Dollar Index push higher in the session. Ahead of the weekly jobless claims and the import/export price index data from the U.S., the DXY is up 0.35% on the day at 96.80.

Technical levels

USD/CAD

Trends:
    Daily SMA20: 1.3276
    Daily SMA50: 1.3267
    Daily SMA100: 1.3297
    Daily SMA200: 1.3183
Levels:
    Previous Daily High: 1.337
    Previous Daily Low: 1.329
    Previous Weekly High: 1.3469
    Previous Weekly Low: 1.3275
    Previous Monthly High: 1.3341
    Previous Monthly Low: 1.3069
    Daily Fibonacci 38.2%: 1.3321
    Daily Fibonacci 61.8%: 1.3339
    Daily Pivot Point S1: 1.3271
    Daily Pivot Point S2: 1.3241
    Daily Pivot Point S3: 1.3192
    Daily Pivot Point R1: 1.335
    Daily Pivot Point R2: 1.3399
    Daily Pivot Point R3: 1.3429

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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