USD/CAD stays flat on the day near 1.3150 following US and Canada data

Capacity utilization in Canada improves to 83.3% in the second quarter.
Core PPI in US rose more than expected in August.
WTI drops below $58 after OPEC lowers demand growth expectations.

Eren Sengezer FXStreet

The USD/CAD pair failed to react to today's macroeconomic data releases from the US and Canada and continues to move sideways near the 1.3150 handle.

The US Bureau of Labor Statistics today announced that the core Producer Price Index, which strips volatile food and energy prices, rose 2.3% in August to beat analysts' estimate of 2.2%. On the other hand, Statistics Canada reported that capacity utilization in Canada improved to 83.3% in the second quarter from 81.1%.

Crude oil prices weaken on demand worries

Meanwhile, in its monthly report earlier today, OPEC said that it lowered its global oil demand growth forecast by 60,000 barrels per day for 2020 citing the potential negative impact of global economic slowdown on the energy demand outlook. Crude oil lost its traction on OPEC's publication and the barrel of West Texas Intermediate turned flat on the day below $58 to make it difficult for the commodity-sensitive Loonie to outperform the Greenback.

On the other hand, the selling pressure surrounding major European currencies, especially the EUR ahead of tomorrow's ECB announcements, allows the USD to preserve its strength on Wednesday. At the moment, the US Dollar Index is up 0.35% on a daily basis at 98.66.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3154
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.3152

Trends
Daily SMA20	1.3274
Daily SMA50	1.3194
Daily SMA100	1.3285
Daily SMA200	1.3315

Levels
Previous Daily High	1.3192
Previous Daily Low	1.3134
Previous Weekly High	1.3384
Previous Weekly Low	1.3158
Previous Monthly High	1.3346
Previous Monthly Low	1.3178
Daily Fibonacci 38.2%	1.3156
Daily Fibonacci 61.8%	1.317
Daily Pivot Point S1	1.3126
Daily Pivot Point S2	1.31
Daily Pivot Point S3	1.3067
Daily Pivot Point R1	1.3185
Daily Pivot Point R2	1.3218
Daily Pivot Point R3	1.3244

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 rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties

The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.

GBP/USD remains stronger above 1.3500 following Trump’s State of the Union

GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.

Gold re-attempts $5,200 amid tariffs and geopolitical woes

Gold buyers are back in the game early Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.