USD/CAD retreats modestly from multi-month highs, stays in green near 1.2900

USD/CAD reached its highest level since January at 1.2949 on Friday.
Crude oil prices trade in the negative territory.
US Dollar Index consolidates weekly gains above 93.60.

Eren Sengezer FXStreet

The USD/CAD pair extended its rally and touched its strongest level since January at 1.2949 during the European trading hours. In the early American session, the pair retreated modestly and was last seen rising 0.48% on a daily basis at 1.2891.

DXY inches lower as US stocks look to open higher

Since the beginning of the week, the heavy selling pressure surrounding crude oil prices and the unabated USD strength allowed the pair to preserve its bullish momentum. Currently, the barrel of West Texas Intermediate is down nearly 7% on a weekly basis at $62.75, losing 1.75% on the day. On the other hand, the US Dollar Index is consolidating its gains near the 9-month high it set at 93.72 earlier in the day.

The data published by Statistics Canada showed on Friday that Retail Sales rose by 4.2% on a monthly basis in June. Although this reading came in slightly weaker than the market expectation for an increase of 4.4%, it failed to trigger a noticeable market reaction.

Meanwhile, US stock index futures turned positive on the day ahead of the opening bell, suggesting that the pair could edge lower ahead of the weekend with the improving market mood keeping the USD's gains limited.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2897
Today Daily Change	0.0068
Today Daily Change %	0.53
Today daily open	1.2829

Trends
Daily SMA20	1.2557
Daily SMA50	1.2474
Daily SMA100	1.2373
Daily SMA200	1.2557

Levels
Previous Daily High	1.2831
Previous Daily Low	1.2642
Previous Weekly High	1.2589
Previous Weekly Low	1.2489
Previous Monthly High	1.2808
Previous Monthly Low	1.2303
Daily Fibonacci 38.2%	1.2759
Daily Fibonacci 61.8%	1.2714
Daily Pivot Point S1	1.2703
Daily Pivot Point S2	1.2578
Daily Pivot Point S3	1.2515
Daily Pivot Point R1	1.2892
Daily Pivot Point R2	1.2956
Daily Pivot Point R3	1.3081

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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