USD/CAD weakens further below 1.4100 mark, fresh session lows

USD/CAD remained under some selling pressure for the second consecutive session on Thursday.
The USD surrendered early gains after another disastrous US initial weekly jobless claims report.
Strong follow-through recovery in oil undermined the loonie and contributed the pair’s downfall.

Haresh Menghani FXStreet

The USD/CAD pair finally broke down of its daily consolidation phase and dropped to fresh session lows, further below the 1.4100 mark in the last hour.

Following a range-bound trading action through the major part of Thursday trading action, the pair met with some fresh supply during the early North-American session and was being weighed down by a combination of factors.

The US dollar struggled to preserve its daily gains and witnessed a modest intraday pullback after data released from the US showed that another 4.4 million Americans filed unemployment-related benefits for the first time last week.

This comes amid some strong follow-through recovery in crude oil prices, which further underpinned demand for the commodity-linked currency – the loonie – and contributed to the pair's intraday slide to multi-day lows.

It will now be interesting to see if the pair is able to attract any buying at lower levels or extends this week's retracement slide from the vicinity of monthly tops, or levels beyond mid-1.4200s touched on Tuesday.

Technical levels to watch

USD/CAD

Overview
Today last price	1.4083
Today Daily Change	-0.0078
Today Daily Change %	-0.55
Today daily open	1.4161

Trends
Daily SMA20	1.4066
Daily SMA50	1.3827
Daily SMA100	1.3485
Daily SMA200	1.3355

Levels
Previous Daily High	1.4238
Previous Daily Low	1.4115
Previous Weekly High	1.4182
Previous Weekly Low	1.3856
Previous Monthly High	1.4668
Previous Monthly Low	1.3315
Daily Fibonacci 38.2%	1.4162
Daily Fibonacci 61.8%	1.4191
Daily Pivot Point S1	1.4105
Daily Pivot Point S2	1.4049
Daily Pivot Point S3	1.3982
Daily Pivot Point R1	1.4227
Daily Pivot Point R2	1.4294
Daily Pivot Point R3	1.435

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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