USD/CAD trims gains after Iranian media denies any attack, remains below 1.3800

USD/CAD surrenders some of its intraday gains as Iranian media denies any foreign attack on its cities.
The higher WTI price provides support for the Canadian Dollar.
The Greenback gained traction after Fed officials conveyed hawkish messages on Thursday.

Akhtar Faruqui FXStreet

USD/CAD pares its intraday gains, trading around 1.3780 during the Asian session on Friday. However, the pair received upward support as the safe-haven US Dollar (USD) gained traction following news of Israeli missiles striking a site in Iran, exacerbating tensions in the Middle East. However, Iranian media has refuted reports of a foreign attack on Iranian cities, including Isfahan.

According to Reuters, citing Iran’s Fars News Agency, locals reported hearing explosions at the central Isfahan airport. However, the cause of these explosions remains unknown.

The Canadian Dollar receives some support from the higher crude Oil prices, given the fact that Canada is the largest Oil exporter to the United States (US). Western Texas Intermediate (WTI), the US crude oil benchmark, trades around $83.80, by the press time. The prices of crude Oil appreciated as US officials confirmed that Israeli missiles had hit a site in Iran.

On the US Dollar's front, Federal Reserve (Fed) officials conveyed hawkish messages on Thursday, leading to a surge in US Treasury yields and the US Dollar, consequently, underpinning the USD/CAD pair.

Traders are expected to closely monitor Atlanta Fed President Raphael Bostic, who will speak regarding the US economic outlook at the University of Miami, Florida. Additionally, Chicago Fed President Austan Goolsbee will participate in a moderated Q&A session at the Association for Business Journalists 2024 SABEW Annual Conference in Chicago.

USD/CAD

Overview
Today last price	1.3779
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.3767

Trends
Daily SMA20	1.3633
Daily SMA50	1.3564
Daily SMA100	1.3492
Daily SMA200	1.3526

Levels
Previous Daily High	1.3782
Previous Daily Low	1.3742
Previous Weekly High	1.3787
Previous Weekly Low	1.3547
Previous Monthly High	1.3614
Previous Monthly Low	1.342
Daily Fibonacci 38.2%	1.3757
Daily Fibonacci 61.8%	1.3767
Daily Pivot Point S1	1.3746
Daily Pivot Point S2	1.3724
Daily Pivot Point S3	1.3706
Daily Pivot Point R1	1.3785
Daily Pivot Point R2	1.3803
Daily Pivot Point R3	1.3825

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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