USD/CAD slumps to daily lows below 1.3250 as WTI rebounds to $52 area


  • WTI stages modest recovery after weekly EIA report.
  • The pair remains in the consolidation channel.
  • Coming up: Fed's Beige Book.

The USD/CAD erased its daily gains and turned negative on the day in the NA session as the commodity-sensitive loonie gathered strength on the back of rising crude oil prices. As of writing, the pair, which touched a session low of 1.3233, was trading at 1.3245, losing 0.18% on a daily basis.

The weekly report published by the EIA today showed that crude oil inventories in the U.S. declined by 2.7 million barrels for the week ending January 11 compared to analysts' expectation for a draw of 1.5 million barrels and provided a boost to crude oil prices. After falling to the $51.20 area earlier in the day, the barrel of West Texas Intermediate rose above $52 handle before losing its traction. At the moment, the WTI is losing 20 cents on the day at $51.75.

Meanwhile, today's data from the U.S. showed that import prices fell 1% on a monthly basis in December and the NAHB's Builder Confidence Index improved to 58 in January from 56 in December. Nevertheless, markets largely ignored these data and the US Dollar Index stayed in the upper half of its daily range above the 96 handle to limit the pair's losses. At 19 GMT, the Fed will publish its Beige Book and investors will be looking for signs of an economic slowdown in the U.S.

Key technical levels

USD/CAD

Overview:
    Today Last Price: 1.3244
    Today Daily change: -25 pips
    Today Daily change %: -0.188%
    Today Daily Open: 1.3269
Trends:
    Previous Daily SMA20: 1.3486
    Previous Daily SMA50: 1.3362
    Previous Daily SMA100: 1.3193
    Previous Daily SMA200: 1.3091
Levels:
    Previous Daily High: 1.3296
    Previous Daily Low: 1.3226
    Previous Weekly High: 1.339
    Previous Weekly Low: 1.318
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3253
    Previous Daily Fibonacci 61.8%: 1.3269
    Previous Daily Pivot Point S1: 1.3232
    Previous Daily Pivot Point S2: 1.3195
    Previous Daily Pivot Point S3: 1.3163
    Previous Daily Pivot Point R1: 1.3301
    Previous Daily Pivot Point R2: 1.3333
    Previous Daily Pivot Point R3: 1.337

 

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