USD/CAD stays below 1.4000 ahead of Poloz speech

USD/CAD is moving sideways in a narrow band near 1.4000.
Crude oil is consolidating last week's gains in quiet day.
BoC Governor Poloz will deliver a speech on policy outlook at 1730 GMT.

Eren Sengezer FXStreet

Similar to other major currency pairs, USD/CAD is moving sideways in a tight channel on Monday amid thin trading conditions. As of writing, the pair was down 0.05% on a daily basis at 1.3988.

Crude oil rally takes a break

Last week, rising crude oil prices helped the commodity-sensitive loonie outperform its major rivals. The barrel of West Texas Intermediate (WTI) gained more than 12% on a weekly basis to close around mid-$33s. Although the WTI edged lower during the Asian session on Monday, it recovered the majority of its losses and seems to be staying in a consolidation phase above $33.

Financial markets in the US will be closed in observance of Memorial Day on Monday and the pair is likely to stay quiet ahead of Bank of Canada (BoC) Governor Stephen Poloz's speech at 1730 GMT. Reflecting the subdued trading action, the US Dollar Index is staying virtually unchanged on the day near 99.80.

Poloz will be delivering a speech entitled "Monetary Policy in Unknowable Time," which will be followed by a Q&A session. On Tuesday, Poloz and BoC Deputy Governor Carolyn Wilkins will be testifying before parliament at 2100 GMT as well.

Meanwhile, the US economic docket on Tuesday will feature New Home Sales, Conference Board (CB) Consumer Confidence Index and Dallas Fed Manufacturing Business Index data.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3992
Today Daily Change	-0.0008
Today Daily Change %	-0.06
Today daily open	1.4

Trends
Daily SMA20	1.4011
Daily SMA50	1.4089
Daily SMA100	1.368
Daily SMA200	1.3446

Levels
Previous Daily High	1.4049
Previous Daily Low	1.3942
Previous Weekly High	1.4114
Previous Weekly Low	1.3867
Previous Monthly High	1.4299
Previous Monthly Low	1.385
Daily Fibonacci 38.2%	1.4008
Daily Fibonacci 61.8%	1.3982
Daily Pivot Point S1	1.3944
Daily Pivot Point S2	1.3889
Daily Pivot Point S3	1.3837
Daily Pivot Point R1	1.4052
Daily Pivot Point R2	1.4104
Daily Pivot Point R3	1.4159

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low vs. USD as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.