USD/CAD remains below 1.3300 handle on softer US CPI, tumbling Oil prices lend support


  • Softer US consumer inflation figures do little to inspire the USD bulls.
  • A slump in Oil prices seemed to be the only factor lending some support.

The USD/CAD pair held on to its mildly positive tone through the early North-American session, albeit continued with its struggle to make it through the 1.3300 handle post-US CPI.

The ongoing slump in Crude Oil prices, now down nearly 3.0% for the day and sliding below the $52.00/barrel mark, weighed on the commodity-linked currency - Loonie and turned out to be one of the key factors lending some support to the major.

The uptick, however, lacked any strong bullish conviction on the back of a subdued US Dollar price action as market participants seemed convinced that the Fed will need to cut rates sooner rather than later amid a series of weak domestic macro data. 

The latest disappointment came from the US consumer inflation figures, showing that the headline CPI eased more than expected to 1.8% yearly rate in May and core CPI also ticked lower to 2.0% from 2.1% recorded in the previous month.

The data reinforced market expectations and continued exerting some downward pressure on the greenback, which might continue to keep a lid on any meaningful up-move, at least for the time being.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3296
Today Daily Change 0.0012
Today Daily Change % 0.09
Today daily open 1.3284
 
Trends
Daily SMA20 1.3422
Daily SMA50 1.3413
Daily SMA100 1.3348
Daily SMA200 1.3278
Levels
Previous Daily High 1.3309
Previous Daily Low 1.325
Previous Weekly High 1.3529
Previous Weekly Low 1.3262
Previous Monthly High 1.3566
Previous Monthly Low 1.3357
Daily Fibonacci 38.2% 1.3287
Daily Fibonacci 61.8% 1.3273
Daily Pivot Point S1 1.3253
Daily Pivot Point S2 1.3222
Daily Pivot Point S3 1.3195
Daily Pivot Point R1 1.3312
Daily Pivot Point R2 1.334
Daily Pivot Point R3 1.3371

 

 

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