USD/CAD recovers to 1.4100 on broad USD strength

USD/CAD fluctuates in a tight range below 1.4100 on Thursday.
Rising crude oil prices help the CAD stay resilient against the USD.
US Dollar Index pushes higher on US Pres. Trump's comments.

Eren Sengezer FXStreet

The USD/CAD pair is having a difficult time setting its next short-term direction on Thursday as the rising crude oil prices help the CAD keep a firm footing against the USD. As of writing, the pair was unchanged on the day at 1.4099.

Trump helps USD gather strength

During an interview with Fox Business Network on Thursday, US President Donald Trump said having a strong dollar would support the economic recovery after coronavirus crisis. Boosted by these comments, the US Dollar Index climbed to its highest level since April 24th at 100.49.

In the second half of the day, the weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus. Markets expect the data to come in at 2.5 million for the week ending May 9th.

On the other hand, after the weekly EIA report showed a decline in the US crude oil stocks for the first time in January, crude oil prices gained traction. The barrel of West Texas Intermediate, which posted small daily gains on Wednesday, was last seen trading at $26.75, gaining 3.15% on a daily basis.

The Canadian economic docket will feature Manufacturing Sales data for March. Additionally, the Bank of Canada will release its Financial System Review.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.4093
Today Daily Change	-0.0009
Today Daily Change %	-0.06
Today daily open	1.4102

Trends
Daily SMA20	1.4055
Daily SMA50	1.4047
Daily SMA100	1.3613
Daily SMA200	1.342

Levels
Previous Daily High	1.4115
Previous Daily Low	1.4007
Previous Weekly High	1.4173
Previous Weekly Low	1.3909
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.4074
Daily Fibonacci 61.8%	1.4048
Daily Pivot Point S1	1.4034
Daily Pivot Point S2	1.3966
Daily Pivot Point S3	1.3925
Daily Pivot Point R1	1.4142
Daily Pivot Point R2	1.4183
Daily Pivot Point R3	1.4251

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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