USD/CAD returns to mid-1.34s as oil rebound weighs


  • WTI recovers from multi-month low it set yesterday at $57.30.
  • US Dollar Index stays in the negative territory below 98.
  • Durable goods orders from the U.S. disappoint.

Despite the broad-based USD weakness on Thursday, the USD/CAD pair rose above the 1.35 mark as the commodity-related loonie came under a heavy selling pressure with the barrel of West Texas Intermediate losing more than 5% on the day. The modest rebound witnessed in crude oil prices today, however, caused the pair to pull away from its highs. As of writing, the pair was trading at 1.3456, losing 0.12% on a daily basis and the WTI was up nearly 1% at $58.70.

In addition to the oil recovery, the broad-based weakness surrounding the greenback on Friday allows the bearish pressure to remain intact. After making a sharp U-turn from the 2-year high that it set yesterday at 98.37, the US Dollar Index closed the day in the negative territory pressured by the sharp drop witnessed in the 10-year US Treasury bond yield. 

Today's data from the U.S. showed that durable goods orders in April declined by 2.1% following March's 2.8% growth and further weighed on the greenback. At the moment, the US Dollar Index is losing 0.15% at 97.70. There won't be any macroeconomic data releases in the remainder of the day and the pair is likely to continue to fluctuate in its daily range.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3455
Today Daily Change -0.0017
Today Daily Change % -0.13
Today daily open 1.3472
 
Trends
Daily SMA20 1.3449
Daily SMA50 1.34
Daily SMA100 1.3332
Daily SMA200 1.3253
Levels
Previous Daily High 1.3503
Previous Daily Low 1.3432
Previous Weekly High 1.3514
Previous Weekly Low 1.34
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3476
Daily Fibonacci 61.8% 1.3459
Daily Pivot Point S1 1.3435
Daily Pivot Point S2 1.3398
Daily Pivot Point S3 1.3364
Daily Pivot Point R1 1.3506
Daily Pivot Point R2 1.354
Daily Pivot Point R3 1.3578

 

 

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