USD/CAD stays flat near 1.3000 despite falling crude oil prices

USD/CAD is trading little changed around 1.3000 on Thursday.
WTI stages a technical correction after six-day winning streak.
US Dollar Index clings to small gains above 92.00.

Eren Sengezer FXStreet

The USD/CAD pair is moving in an extremely tight trading range on Thursday and remains on track to close flat around 1.3000 amid the Thanksgiving Day holiday in the US.

WTI turns south on Thursday

Earlier in the week, the sharp upsurge witnessed in crude oil prices helped the commodity-related loonie to gather strength against its rivals. On Wednesday, the barrel of West Texas Intermediate (WTI) touched its highest level since early March at $46.23 supported by renewed optimism for a convincing rebound in global energy demand.

In the absence of significant fundamental drivers on Thursday, the WTI seems to have started to retrace its six-day rally and was last seen losing 1.3% on the day at $45.25. Nevertheless, the WTI's slide doesn't seem to be having a negative impact on the CAD so far.

On the other hand, the greenback, which struggled to find demand during the first half of the week, is staying relatively resilient against its peers on Thursday. However, the lack of macroeconomic data releases and the thin trading conditions suggest that the US Dollar Index (DXY) is staging a technical correction. At the moment, the DXY is up 0.12% on the day at 92.10.

On Friday, stock and bond markets in the US will reopen but close early and the market action is expected to remain subdued.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3001
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.2996

Trends
Daily SMA20	1.3107
Daily SMA50	1.3187
Daily SMA100	1.3241
Daily SMA200	1.3531

Levels
Previous Daily High	1.3029
Previous Daily Low	1.2986
Previous Weekly High	1.3142
Previous Weekly Low	1.3034
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.3003
Daily Fibonacci 61.8%	1.3013
Daily Pivot Point S1	1.2979
Daily Pivot Point S2	1.2961
Daily Pivot Point S3	1.2936
Daily Pivot Point R1	1.3022
Daily Pivot Point R2	1.3047
Daily Pivot Point R3	1.3064

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.

GBP/USD weakens to two-week lows near 1.3520

GBP/USD trades on the back foot, returning to the low 1.3500s, or two-week troughs, on Tuesday. Cable’s bearish price action follows decent gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD remains offered; breaks below 1.1600

EUR/USD now accelerates its daily correction, breaching below the key 1.1600 support level on Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite disappointing US data releases and amid persistent geopolitical concerns.

No reaction from Gold; still targets $4,300

Gold extends Monday’s pessimism and slipped back to nearly three-week lows just above the $4,300 mark per troy ounce on Tuesday. The US Dollar’s rebound couple with rising US Treasury yields weigh on the precious metal despite tensions in the Middle East appear far from abated.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.