USD/CAD stays directionless below 1.3300 ahead of key data releases

WTI consolidates 2-day rally, trades above $58 on Friday.
US Dollar Index stays calm near 98 following Thursday's rebound.
Coming up: Retail Sales data from Canada and Markit PMI reports from US.

Eren Sengezer FXStreet

The USD/CAD pair failed to hold above the 1.3300 mark on Thursday as rising crude oil prices and Bank of Canada Governor Poloz's hawkish remarks allowed the loonie to gather strength against its rivals. With investors moving to the sidelines ahead of macroeconomic data releases from Canada and the United States (US) later in the day, the pair is staying flat on the day near the 1.3280 handle.

Hopes of the Organization of the Petroleum Exporting Countries (OPEC) extending the production cuts for six more months at the group's December meeting provided a boost to crude oil prices in the second half of the week. The barrel of West Texas Intermediate (WTI) advanced to its highest level in nearly two months at $58.65 on Thursday before going into a consolidation phase. As of writing, the WTI was virtually unchanged on the day at $58.35.

USD stays quiet ahead of mid-tier data

On the other hand, the better-than-expected Existing Hom Sales and Philly Fed Manufacturing Index data from the US on Thursday helped the US Dollar Index to recover to the 98 area and kept the pair's losses limited.

Later in the day, the preliminary Markit Manufacturing and Services Purchasing Managers' Index (PMI) reports and the University of Michigan' final version of its Consumer Sentiment Survey for November will be released from the US. Additionally, the Retail Sales data from Canada will be looked upon for fresh impetus.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3287
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.3282

Trends
Daily SMA20	1.3191
Daily SMA50	1.3216
Daily SMA100	1.3208
Daily SMA200	1.3277

Levels
Previous Daily High	1.3326
Previous Daily Low	1.327
Previous Weekly High	1.3272
Previous Weekly Low	1.3212
Previous Monthly High	1.3349
Previous Monthly Low	1.3042
Daily Fibonacci 38.2%	1.3291
Daily Fibonacci 61.8%	1.3305
Daily Pivot Point S1	1.3259
Daily Pivot Point S2	1.3236
Daily Pivot Point S3	1.3202
Daily Pivot Point R1	1.3316
Daily Pivot Point R2	1.335
Daily Pivot Point R3	1.3373

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.

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