USD/CAD unchanged around 1.3230 ahead of EIA, Trump

Pablo Piovano FXStreet

The Canadian dollar is now alternating gains with losses vs. its American neighbour, sending USD/CAD to the 1.3235/30 band.

USD/CAD focus on oil, Trump

Choppy week for the pair so far, although it seems well supported in the 1.3170 region for the time being.

Declining crude oil prices have mitigated part of the recent CAD strength, as the barrel of West Texas Intermediate remains on a weak note during the first half of the week. In fact, prices for the WTI are currently gaining smalls around the $51.00 area after the API reported late on Tuesday a build of 1.5 million barrels during last week.

In addition, the cautious tone seems to still prevail around the buck amidst lack of relevant releases and the imminent press conference by president-elect Donald Trump.

Data wise, the weekly report on US crude oil inventories by the EIA is due later in the NA session.

USD/CAD significant levels

As of writing the pair is gaining 0.02% at 1.3231 and a breakout of 1.3272 (100-day sma) would aim for 1.3311 (38.2% Fibo of the 2016 drop) and then 1.3383 (55-day sma). On the other hand, the immediate support aligns at 1.3194 (low Jan.9) ahead of 1.3174 (low Jan.6) and finally 1.3120 (3-month support line).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3297

75% Bullish
12% Bearish
12% Sideways

Bias Bullish

1 Month

Avg Forecast 1.3365

73% Bullish
18% Bearish
9% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.3469

67% Bullish
20% Bearish
13% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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