USD/CAD rebounds to mid-1.30s, looks to post losses for fourth straight week

  • WTI erases small part of this week's gains, stays above $60.
  • US Dollar Index edges lower, looks to close below 97.

The USD/CAD pair staged a modest rebound from the 2019-low that it set at 1.3016 earlier today and edged higher toward the mid-1.30s. With the trading action turning subdued in the American trading hours, the pair struggled to preserve its recovery momentum and was last seen trading at 1.3040, down 0.25% on the day.

The fact that the greenback struggled to extend its rally that started last Friday on the back of upbeat employment data this week allowed the pair to turn south. The US Dollar Index, which rose to a multi-week high of 97.60 earlier this week, dropped below 97 following FOMC Chairman Powell's cautious remarks. Although the index recovered a small portion of its losses after yesterday's data showed the core Consumer Price Index ticked up to 2.1%, it failed to hold above 97 today and was last seen at 96.90. 

On the other hand, the heightened geopolitical tensions in the Middle East and a much bigger draw in the U.S. crude oil inventories supported crude oil prices this week. The barrel of West Texas Intermediate rose above $60 for the first time since late May and provided a boost to the commodity-sensitive loonie.

Meanwhile, the Bank of Canada adopted a balanced tone in its policy statement after announcing that it kept its policy unchanged at 1.75% this Wednesday to further support the CAD.

Technical levels to watch for


Today last price 1.3031
Today Daily Change -0.0042
Today Daily Change % -0.32
Today daily open 1.3073
Daily SMA20 1.3169
Daily SMA50 1.3323
Daily SMA100 1.3339
Daily SMA200 1.3299
Previous Daily High 1.3092
Previous Daily Low 1.3042
Previous Weekly High 1.3147
Previous Weekly Low 1.3038
Previous Monthly High 1.3529
Previous Monthly Low 1.306
Daily Fibonacci 38.2% 1.3061
Daily Fibonacci 61.8% 1.3072
Daily Pivot Point S1 1.3046
Daily Pivot Point S2 1.3019
Daily Pivot Point S3 1.2996
Daily Pivot Point R1 1.3096
Daily Pivot Point R2 1.3119
Daily Pivot Point R3 1.3146



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