USD/CAD struggles to hold above 1.3000 as WTI trades in green above $45

USD/CAD trades in the negative territory on Friday.
WTI clings to gains above $45 following Thursday's correction.
US Dollar Index struggles to find direction ahead of Wall Street's opening bell.

Eren Sengezer FXStreet

The USD/CAD pair registered small daily gains on Thursday but started to edge lower on Friday as the rising crude oil prices helped the commodity-sensitive loonie find demand. As of writing, the pair was down 0.15% on a daily basis at 1.2993.

WTI reclaims $45 after Thursday's slump

After closing the previous six days in the positive territory and gaining more than 10% during that period, the barrel of West Texas Intermediate (WTI) staged a technical correction and lost 1.9% on Thursday. With the market mood remaining relatively upbeat, as reflected by a 0.25% increase in the S&P 500 Futures, the WTI turned north on Friday and was last seen gaining 0.63% at $45.25.

On the other hand, the US Dollar Index stays flat near 92.00 on Friday in the absence of significant fundamental drivers and allows crude oil prices to continue to impact USD/CAD's movements.

The market action is likely to stay subdued in the second half of the day as the US stock and bond markets will close early due to the Thanksgiving Day holiday.

On a weekly basis, USD/CAD looks to close in the negative territory for the second consecutive time.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.2993
Today Daily Change	-0.0027
Today Daily Change %	-0.21
Today daily open	1.302

Trends
Daily SMA20	1.3092
Daily SMA50	1.3184
Daily SMA100	1.3235
Daily SMA200	1.3529

Levels
Previous Daily High	1.3023
Previous Daily Low	1.299
Previous Weekly High	1.3142
Previous Weekly Low	1.3034
Previous Monthly High	1.339
Previous Monthly Low	1.3081
Daily Fibonacci 38.2%	1.301
Daily Fibonacci 61.8%	1.3003
Daily Pivot Point S1	1.2999
Daily Pivot Point S2	1.2979
Daily Pivot Point S3	1.2967
Daily Pivot Point R1	1.3031
Daily Pivot Point R2	1.3043
Daily Pivot Point R3	1.3063

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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