USD/CAD renews daily high, closes in on 1.2100

USD/CAD is inching higher in the early American session.
Canada posted a current account surplus in the first quarter.
WTI trades above $67, rising 1% ahead of OPEC meeting.

Eren Sengezer FXStreet

After spending the European session in a tight range near 1.2070, the USD/CAD pair gained traction and touched a daily high of 1.2090. As of writing, the pair was up 0.1% on the day at 1.2085. However, the lack of fundamental drivers suggests that USD/CAD's recent action is technical in nature.

DXY holds steady around 90.00

Earlier in the day, Canada announced that it has registered a current account surplus of C$1.18 billion in the first quarter. Other data from Canada showed that the Raw Material Price Index and the Industrial Product Price Index rose by 1% and 1.6%, respectively, on a monthly basis in April.

The US markets will remain closed due to the Memorial Day holiday on Monday and USD/CAD could find it difficult to gather momentum during the American trading hours. Currently, the US Dollar Index is unchanged on the day at 90.04.

Meanwhile, crude oil prices are edging higher ahead of Tuesday's highly-anticipated OPEC meeting and helping the commodity-sensitive loonie limit its losses against its rivals. At the moment, the barrel of West Texas Intermediate is up 1% on the day at $67.27.

On Tuesday, first-quarter Gross Domestic Product (GDP) data will be featured in the Canadian economic docket. Later in the session, the ISM Manufacturing PMI from the US will be looked upon for fresh impetus.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2087
Today Daily Change	0.0009
Today Daily Change %	0.07
Today daily open	1.2078

Trends
Daily SMA20	1.2126
Daily SMA50	1.2361
Daily SMA100	1.2514
Daily SMA200	1.2786

Levels
Previous Daily High	1.212
Previous Daily Low	1.2063
Previous Weekly High	1.2142
Previous Weekly Low	1.2029
Previous Monthly High	1.2654
Previous Monthly Low	1.2266
Daily Fibonacci 38.2%	1.2099
Daily Fibonacci 61.8%	1.2085
Daily Pivot Point S1	1.2054
Daily Pivot Point S2	1.203
Daily Pivot Point S3	1.1997
Daily Pivot Point R1	1.2111
Daily Pivot Point R2	1.2144
Daily Pivot Point R3	1.2168

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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