USD/CAD retreats farther from weekly tops, below 1.3200 handle

Bulls failed to capitalize on the overnight bullish attempt to weekly tops.
A modest USD pullback/rising Oil prices seemed to exert fresh pressure.
Traders look forward to the US CPI figure for short-term opportunities.

Haresh Menghani FXStreet

The USD/CAD pair remained under some selling pressure through the early European session on Thursday and retreated farther from weekly tops set in the previous session.

A combination of supporting factors prompted some near-term short-covering move and led to a strong up-move of around 85-pips on Wednesday. A strong follow-through upsurge in the US Treasury bond yields - encouraging signs for US-China trade development - lifted the US Dollar to one-week tops.

USD/Oil price dynamics influencing the move

This coupled with a sharp intraday fall in Crude Oil prices, despite a larger-than-expected draw in the US inventories, further undermined demand for the commodity-linked currency - Loonie and collaborated to the pair's intraday upswing back above 50-day SMA barrier near the 1.3200 round figure mark.

However, a modest USD pullback from one-week tops, weighed down by the US President Donald Trump's latest criticism over the Fed's monetary policy stance, coupled with some renewed strength in Oil prices exerted some fresh downward pressure on Thursday.

Moving ahead, Thursday's US economic docket - highlighting the release of the latest consumer inflation figures - will now be looked upon for some fresh trading impetus later during the early North-American session.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3182
Today Daily Change	-0.0010
Today Daily Change %	-0.08
Today daily open	1.3192

Trends
Daily SMA20	1.3268
Daily SMA50	1.3197
Daily SMA100	1.3282
Daily SMA200	1.3314

Levels
Previous Daily High	1.3215
Previous Daily Low	1.3139
Previous Weekly High	1.3384
Previous Weekly Low	1.3158
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3186
Daily Fibonacci 61.8%	1.3168
Daily Pivot Point S1	1.315
Daily Pivot Point S2	1.3107
Daily Pivot Point S3	1.3074
Daily Pivot Point R1	1.3225
Daily Pivot Point R2	1.3258
Daily Pivot Point R3	1.3301

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.