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

USD/CAD

Overview
Today last price 1.2383
Today Daily Change -0.0059
Today Daily Change % -0.47
Today daily open 1.2442
 
Trends
Daily SMA20 1.2638
Daily SMA50 1.2625
Daily SMA100 1.2494
Daily SMA200 1.251
 
Levels
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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more

Forex MAJORS

Cryptocurrencies

Signatures