USD/CAD stays in the negative territory below 1.2600 amid rising crude oil prices

USD/CAD edges lower after rising to two-week highs on Thursday.
Surging crude oil prices provide a boost to CAD on Friday.
US Dollar Index stays calm below 93.00 ahead of US data releases.

Eren Sengezer FXStreet

The USD/CAD pair advanced to its highest level in two weeks at 1.2630 on Thursday but reversed its direction on Friday. As of writing, the pair was down 0.25% on a daily basis at 1.2580.

WTI reclaims $60 on Friday

Rising crude oil prices ahead of the weekend seems to be providing a boost to the commodity-related loonie. Following a 4% decline on Thursday, the barrel of West Texas Intermediate is staging a decisive recovery and was last seen gaining 3.1% on the day at $60.15.

On the other hand, the US Dollar Index (DXY) is staying relatively quiet after Thursday's rally that was fueled by the upbeat macroeconomic data releases. Nevertheless, a more-than-2% increase witnessed in the 10-year US Treasury bond yield is helping the greenback find demand and keeping USD/CAD's downside limited for the time being.

Later in the session, the US Bureau of Economic Analysis will release the Personal Spending, Personal Income and Personal Consumption Expenditures (PCE) Price Index data for February.

Meanwhile, the S&P 500 Futures are posting small daily gains, suggesting that the risk flows could make it difficult for the USD to gather additional strength in the second half of the day.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2576
Today Daily Change	-0.0037
Today Daily Change %	-0.29
Today daily open	1.2613

Trends
Daily SMA20	1.2576
Daily SMA50	1.2656
Daily SMA100	1.2764
Daily SMA200	1.3039

Levels
Previous Daily High	1.2629
Previous Daily Low	1.2547
Previous Weekly High	1.2548
Previous Weekly Low	1.2365
Previous Monthly High	1.287
Previous Monthly Low	1.2468
Daily Fibonacci 38.2%	1.2598
Daily Fibonacci 61.8%	1.2578
Daily Pivot Point S1	1.2563
Daily Pivot Point S2	1.2514
Daily Pivot Point S3	1.2481
Daily Pivot Point R1	1.2646
Daily Pivot Point R2	1.2679
Daily Pivot Point R3	1.2728

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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