USD/CAD slides to fresh weekly lows, closer to 1.3400 handle amid rising oil prices


   •  Rallying oil prices underpin Loonie and exert some downward pressure.
   •  A modest USD pullback further contributes to the ongoing downfall. 
   •  Traders now eye second-tier economic data for some fresh impetus.

The USD/CAD pair remained under some selling pressure for the third consecutive session on Thursday and dropped to fresh weekly low, around the 1.3415-10 region in the last hour.

After once again failing to make it through the key 1.3500 psychological mark, the pair witnessed some long-unwinding pressure on Wednesday amid a solid bounce in Oil prices, amid intensifying tensions in the Middle East.

The positive momentum extended through the early European session on Thursday, which was seen as one of the key factors underpinning demand for the commodity-linked currency and exerting downward pressure on the major.

Meanwhile, the latest leg of a downtick over the past hour or so could further be attributed to a modest US Dollar downtick, which continues to be weighed down by the ongoing slide in the US Treasury bond yields.

It would now be interesting to see if the pair is able to find any buying interest at lower levels or the current pullback sets the stage for a further near-term depreciating move, confirming a bearish break through a short-term trading range. 

Moving ahead, Thursday's economic docket features the release of manufacturing sale and ADP employment change data from Canada, which along with some second-tier US economic data will be looked upon for some impetus. 

Later during the US trading session, a scheduled speech by the BoC Governor Stephen Poloz might influence the Canadian Dollar and further collaborate towards producing some short-term trading opportunities.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3413
Today Daily Change -0.0023
Today Daily Change % -0.17
Today daily open 1.3436
 
Trends
Daily SMA20 1.3441
Daily SMA50 1.3392
Daily SMA100 1.3342
Daily SMA200 1.3243
Levels
Previous Daily High 1.3494
Previous Daily Low 1.3427
Previous Weekly High 1.3506
Previous Weekly Low 1.338
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3453
Daily Fibonacci 61.8% 1.3469
Daily Pivot Point S1 1.3411
Daily Pivot Point S2 1.3386
Daily Pivot Point S3 1.3344
Daily Pivot Point R1 1.3478
Daily Pivot Point R2 1.352
Daily Pivot Point R3 1.3545

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Editors’ Picks

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD: reports suggest UK PM May could resign tonight

GBP/USD is bouncing from its daily low of 1.1623, following news indicating that the UK Prime Minister would resign before the day is over, following an early cabinet coup and multiple backs and forth around it.

GBP/USD News

USD/JPY hits fresh lows after FOMC minutes

The USD/JPY pair rose to 110.31 after the release of the FOMC minutes but then turned to the downside and dropped to 110.23, hitting a fresh daily low. 

USD/JPY News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

Editors' pick

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD: reports suggest UK PM May could resign tonight

GBP/USD is bouncing from its daily low of 1.1623, following news indicating that the UK Prime Minister would resign before the day is over, following an early cabinet coup and multiple backs and forth around it.

GBP/USD News

USD/JPY hits fresh lows after FOMC minutes

The USD/JPY pair rose to 110.31 after the release of the FOMC minutes but then turned to the downside and dropped to 110.23, hitting a fresh daily low. 

USD/JPY News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

eur/gbp

central banks

eur/usd

gbp/usd

usd/jpy

aud/usd

Signatures

bitcoin

ethereum

ripple


  •  
  •  
  •  
  •  
  •