USD/CAD retreats below 1.3000 ahead of FOMC Minutes

USD/CAD lost its traction after recovering to 1.3030.
US Dollar Index fell below 92.00 after mixed macroeconomic data releases.
WTI trades at fresh multi-month highs near $46.

Eren Sengezer FXStreet

The USD/CAD pair rose to 1.3030 in the early American session but lost its traction pressured by the renewed USD weakness and rising crude oil prices. As of writing, the pair was down 0.05% on a daily basis at 1.2987.

The mixed macroeconomic data releases from the US failed to help the greenback gather strength against its rivals. The US Bureau of Economic Analysis left its annual Q3 GDP growth estimate unchanged at 33.1% and reported that Personal Spending in October increased by 0.5% on a monthly basis.

Other data revealed that the US' trade deficit widened to $80.29 billion from $79.4 billion and the weekly Initial Jobless Claims rose to 778,000 from 748,000 last week. At the moment, the US Dollar Index is down 0.27% on the day at 91.98.

Oil rally regains momentum

On the other hand, the weekly report published by the US Energy Information Administration (EIA) showed that crude oil stocks declined by 0.75 million barrels in the week ending November 20 and provided a boost to oil prices. The barrel of West Texas Intermediate (WTI), which closed the previous five days in the positive territory, is currently trading at its highest level since March at $45.95, gaining 2.6% on a daily basis.

Later in the session, the FOMC will publish the minutes of its November meeting. However, the market reaction is likely to remain muted with trading conditions thinning out ahead of the Thanksgiving Day holiday in the US.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2994
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.3

Trends
Daily SMA20	1.3124
Daily SMA50	1.319
Daily SMA100	1.3246
Daily SMA200	1.3532

Levels
Previous Daily High	1.3091
Previous Daily Low	1.3
Previous Weekly High	1.3142
Previous Weekly Low	1.3034
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3035
Daily Fibonacci 61.8%	1.3056
Daily Pivot Point S1	1.297
Daily Pivot Point S2	1.294
Daily Pivot Point S3	1.2879
Daily Pivot Point R1	1.3061
Daily Pivot Point R2	1.3121
Daily Pivot Point R3	1.3152

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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