USD/CAD slips below 1.3300 handle, erases Wednesday’s positive move

Positive trade-related comments boost Oil prices and underpinned Loonie.
Investors now look forward to the revised US GDP print for a fresh impetus.

Haresh Menghani FXStreet

The USD/CAD pair quickly retreated around 25-pips and retreated back below the 1.3300 round figure mark during the early European session.

The pair failed to capitalize on this week's goodish rebound from the 1.3225 region and met with some fresh supply on Thursday to snap two consecutive days of winning streak amid a sudden pickup in Crude Oil prices.

Oil price dynamics played a key role

A combination of supporting factors provided a goodish lift to Oil prices in the last hour, which eventually underpinned demand for the commodity-linked currency - Loonie and exerted some downward pressure on the major.

Data from the Energy Information Administration (EIA) on Wednesday showed a large fall in the US crude inventories, which coupled with positive trade-related comments from China helped Oil prices reversed the early dip.

The Chinese Commerce Ministry spokesman Gao commented on the US-China trade spat this Thursday and showed a willingness to resolve the issue via a calm attitude, which led to an intraday turnaround in the global risk sentiment.

The pair has now eroded a major part of the previous session's positive move as market participants now look forward to a revised estimate of the US Q2 GDP growth figures, due later this Thursday, for some meaningful impetus.

Technical levels to watch

USD/CAD

Overview
Today last price	1.3284
Today Daily Change	-0.0021
Today Daily Change %	-0.16
Today daily open	1.3305

Trends
Daily SMA20	1.327
Daily SMA50	1.3177
Daily SMA100	1.3296
Daily SMA200	1.3316

Levels
Previous Daily High	1.332
Previous Daily Low	1.3278
Previous Weekly High	1.3346
Previous Weekly Low	1.3251
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3303
Daily Fibonacci 61.8%	1.3294
Daily Pivot Point S1	1.3282
Daily Pivot Point S2	1.3259
Daily Pivot Point S3	1.324
Daily Pivot Point R1	1.3324
Daily Pivot Point R2	1.3343
Daily Pivot Point R3	1.3366

Author

Haresh Menghani

FXStreet

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

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