- USD/CAD is falling for the third straight day on Thursday.
- US Dollar Index remains on the back foot ahead of US data.
- WTI trades in the positive territory above $81.00.
The USD/CAD pair extended its slide during the European trading hours and touched its lowest level since early July at 1.2373. As of writing, the pair was down 0.45% on a daily basis at 1.2384.
WTI reclaims $81 on Thursday
The broad-based dollar weakness allows the pair to push lower while rising crude oil prices provide a boost to the CAD as well on Thursday.
Pressured by the ongoing decline in the US Treasury bond yields, the US Dollar Index (DXY) is losing 0.15% on the day at 93.85. The benchmark 10-year US T-bond yield, which fell nearly 6% in the previous two trading days, is down 0.7% at 1.527%. Later in the session, the US Department of Labor's weekly Initial Jobless Claims data and September Producer Price Index (PPI) figures will be looked upon for fresh impetus.
On the other hand, the barrel of West Texas Intermediate (WTI) is up nearly 1% on the day at $81.40 as investors await the weekly crude oil and gas inventory data published by the US Energy Information Administration (EIA). The upbeat market mood seems to be the primary driver behind crude oil prices.
Meanwhile, August Manufacturing Sales will be featured in the Canadian economic docket but this report is unlikely to have a noticeable impact on the loonie's performance against its rivals.
Technical levels to watch for
|Today last price||1.2383|
|Today Daily Change||-0.0059|
|Today Daily Change %||-0.47|
|Today daily open||1.2442|
|Previous Daily High||1.2479|
|Previous Daily Low||1.243|
|Previous Weekly High||1.2655|
|Previous Weekly Low||1.2452|
|Previous Monthly High||1.2896|
|Previous Monthly Low||1.2494|
|Daily Fibonacci 38.2%||1.2449|
|Daily Fibonacci 61.8%||1.246|
|Daily Pivot Point S1||1.2422|
|Daily Pivot Point S2||1.2402|
|Daily Pivot Point S3||1.2374|
|Daily Pivot Point R1||1.2471|
|Daily Pivot Point R2||1.2499|
|Daily Pivot Point R3||1.2519|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.