USD/CAD trades at fresh multi-month lows below 1.2400

  • 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
Daily SMA20 1.2638
Daily SMA50 1.2625
Daily SMA100 1.2494
Daily SMA200 1.251
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



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