USD/CAD turns flat on the day below 1.32 ahead of PMI data

Mixed data from the U.S. didn't allow DXY to make a decisive move.
WTI stays in red near $57 ahead of EUA data.
Coming up: Markit Manufacturing PMI data from the U.S.

Eren Sengezer FXStreet

The USD/CAD pair struggled failed to hold above the 1.32 mark and erased its gains to turn flat on the day. As of writing, the pair was trading at 1.3178, adding only 1 pip on the day.

Earlier in the session, the data published by the U.S. Census Bureau showed that durable goods orders in December increased by 1.2% to fall short of the market expectation of 1.5%. On the other hand, weekly jobless claims decreased by 23K to 216 in the week ending February 16. Finally, the Philly Fed Manufacturing Index fell into the negative territory for the first time in nearly three years in February. Following the mixed macroeconomic data releases, the US Dollar Index continued to fluctuate in its tight daily range and was last seen unchanged on a daily basis at 96.50.

Later in the session, the IHS Markit will be publishing the advanced Manufacturing PMI report. More importantly, BoC Governor Poloz will be delivering a speech at 17:35 GMT.

Meanwhile, despite the indecisiveness of the greenback, the pair couldn't continue to push lower as crude oil prices are posting small losses on Thursday after closing the previous 7 trading days in the positive territory and weighing on the commodity-sensitive loonie. At the moment, the barrel of West Texas Intermediate is trading at $57.09, losing 0.2% on the day. The EIA's weekly stock report is likely to be the next driver of the WTI's price.

Key technical levels

USD/CAD

Overview:
    Today Last Price: 1.3178
    Today Daily change %: 0.01%
    Today Daily Open: 1.3177
Trends:
    Daily SMA20: 1.3223
    Daily SMA50: 1.3352
    Daily SMA100: 1.3256
    Daily SMA200: 1.3154
Levels:
    Previous Daily High: 1.322
    Previous Daily Low: 1.315
    Previous Weekly High: 1.3341
    Previous Weekly Low: 1.3196
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3177
    Daily Fibonacci 61.8%: 1.3194
    Daily Pivot Point S1: 1.3144
    Daily Pivot Point S2: 1.3112
    Daily Pivot Point S3: 1.3074
    Daily Pivot Point R1: 1.3215
    Daily Pivot Point R2: 1.3253
    Daily Pivot Point R3: 1.3285

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

Ethereum: Active addresses halt growth as US selling pressure eases

Ethereum network growth has declined after two months of explosive increase. US selling pressure has eased following an improvement in the Coinbase Premium Index. ETH extends its range-bound move below the $2,107 resistance and above $1,740 .

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.