- 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.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Ethereum plunges outside key range briefly as US Dollar Index gains strength
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.