USD/CAD trades at fresh 10-day lows below 1.3300

USD/CAD is falling for the second straight day on Thursday.
US Dollar Index lost its recovery momentum before testing 94.00.
WTI is trading flat on the day near $40.

Eren Sengezer FXStreet

The USD/CAD lost nearly 70 pips on Wednesday as rising crude oil prices helped the commodity-sensitive loonie gather strength against its rivals. With the greenback struggling to stage a convincing recovery on Thursday, the pair extended its slide and touched its lowest level in 10 days at 1.3277. As of writing, USD/CAD was down 0.23% on the day at 1.3287.

DXY remains depressed below 94.00

Ahead of key macroeconomic data releases from the US, the US Dollar Index (DXY), which closed the previous three days in the negative territory, is down 0.03% at 93.78. The upbeat market mood, as reflected by a 0.85% gain seen in the S&P 500 futures, seems to be weighing on the greenback.

Later in the day, the US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index data, the Federal Reserve's preferred gauge of inflation. Other data releases from the US will include Personal Income, Personal Spending, Markit Manufacturing PMI and ISM Manufacturing PMI.

On the other hand, after gaining nearly 2% on Wednesday, the barrel of West Texas Intermediate is trading flat on the day near $40, allowing the USD's market valuation to continue to impact USD/CAD's movements. The only data featured in the Canadian economic docket on Thursday will be the Markit Manufacturing PMI.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3286
Today Daily Change	-0.0033
Today Daily Change %	-0.25
Today daily open	1.3319

Trends
Daily SMA20	1.3239
Daily SMA50	1.3249
Daily SMA100	1.3443
Daily SMA200	1.3528

Levels
Previous Daily High	1.3421
Previous Daily Low	1.3302
Previous Weekly High	1.3418
Previous Weekly Low	1.3171
Previous Monthly High	1.3421
Previous Monthly Low	1.2994
Daily Fibonacci 38.2%	1.3347
Daily Fibonacci 61.8%	1.3375
Daily Pivot Point S1	1.3274
Daily Pivot Point S2	1.3229
Daily Pivot Point S3	1.3155
Daily Pivot Point R1	1.3392
Daily Pivot Point R2	1.3466
Daily Pivot Point R3	1.3511

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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