USD/CAD slides to 1.4050 area as WTI turns positive on the day


  • WTI rebounds above $17 after dropping below $16 on Friday.
  • US Dollar Index stays below 100.50 ahead of key data releases.
  • USD/CAD stays in the positive territory on the weekly chart.

The USD/CAD pair edged higher to the 1.4100 area during the European session as crude oil prices staged a technical correction following the impressive two-day rally.

Crude oil looks to end the week on a strong footing

However, with the West Texas Intermediate (WTI) gaining traction in the last hour, the commodity-sensitive CAD starter to gather strength against its rivals and weighed on the pair, which was last down 0.15% on the day at 1.4050. Despite the daily slide, the pair is still posting modest gains on the weekly chart. 

The WTI rose sharply on Wednesday and Thursday and gained nearly 30% during that period. After sliding to a daily low of $15.76 earlier in the day, the WTI climbed above $17 and was up 0.7% on the day at $17.25 at the time of press.

Later in the day, Baker Hughes US Oil Rig Count figures will be the last potential catalyst for crude oil prices. 

On the other hand, the US Dollar Index (DXY) is staying in a consolidation phase after touching its highest level since the first week of April at 100.87 on Thursday and closing the last four days in the positive territory. Ahead of the Durable Goods Orders and the University of Michigan's Consumer Sentiment Index data from the US, the index is down 0.07% on the day at 100.41, making it difficult for the pair to stage a rebound.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.4048
Today Daily Change -0.0025
Today Daily Change % -0.18
Today daily open 1.4073
 
Trends
Daily SMA20 1.4069
Daily SMA50 1.3843
Daily SMA100 1.3493
Daily SMA200 1.3361
 
Levels
Previous Daily High 1.4199
Previous Daily Low 1.4
Previous Weekly High 1.4182
Previous Weekly Low 1.3856
Previous Monthly High 1.4668
Previous Monthly Low 1.3315
Daily Fibonacci 38.2% 1.4076
Daily Fibonacci 61.8% 1.4123
Daily Pivot Point S1 1.3983
Daily Pivot Point S2 1.3892
Daily Pivot Point S3 1.3784
Daily Pivot Point R1 1.4181
Daily Pivot Point R2 1.4289
Daily Pivot Point R3 1.4379

 

 

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