USD/CAD sticks to modest daily gains, above mid-1.3400s


   •  A goodish pickup in the USD demand helped regain traction on Thursday.
   •  The ongoing bullish run in oil prices underpinned Loonie and capped gains.
   •  Traders now eye a relatively thin US economic docket for some impetus.

The USD/CAD pair traded with a mild positive bias for the second consecutive session on Friday and built on the overnight goodish bounce from the 1.3400 handle or weekly lows. 

A goodish pickup in the US Dollar demand, further supported by Thursday's robust US economic releases - housing market data, Philly Fed Manufacturing index and weekly jobless claims, helped the pair stall its rejection slide from the key 1.3500 psychological mark. 

Meanwhile, upbeat data from Canada - ADP employment report and manufacturing sales, and rallying Oil prices failed to lend any meaningful support to the commodity-linked currency - Loonie, or hinder the pair's strong intraday up-move of nearly 70-pips.

The positive momentum extended through the Asian session on Friday, albeit a combination of negative forces - the prevailing bullish sentiment around Oil markets and a subdued USD price action, kept a lid on any strong follow-through, at least for now.

The pair remained well below the 1.3500 handle - the top end of a near four-week-old trading range, and hence, it would be prudent to wait for a sustained break through the recent trading range before traders start positioning for any further appreciating move.

Moving ahead, Friday's relatively thin US economic docket - featuring the only release of the Prelim UoM Consumer Sentiment Index for May, will now be looked upon to grab some short-term trading opportunities later during the early North-American session. 

Technical levels to watch

USD/CAD

Overview
Today last price 1.3469
Today Daily Change 0.0007
Today Daily Change % 0.05
Today daily open 1.3462
 
Trends
Daily SMA20 1.3446
Daily SMA50 1.3392
Daily SMA100 1.334
Daily SMA200 1.3245
Levels
Previous Daily High 1.3472
Previous Daily Low 1.34
Previous Weekly High 1.3506
Previous Weekly Low 1.338
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3444
Daily Fibonacci 61.8% 1.3428
Daily Pivot Point S1 1.3417
Daily Pivot Point S2 1.3373
Daily Pivot Point S3 1.3346
Daily Pivot Point R1 1.3489
Daily Pivot Point R2 1.3516
Daily Pivot Point R3 1.356

 

 

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