USD/CAD edges back closer to 1.3300 handle, focus shifts to Canadian GDP

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The USD/CAD pair edged higher during the early European session on Friday, with bulls making a fresh attempt to reclaim and build on the momentum beyond the 1.3300 handle.

A softer tone surrounding crude oil prices underpinned demand for the commodity-linked currency – loonie and was seen as one of the key factors lending some initial support to the major. Despite expectations that OPEC and its allies will extend the current supply cut agreement, oil prices edged lower amid doubts over the US-China “phase one” trade deal.

Apart from weaker oil prices, the latest leg of an uptick over the past couple of hours could further be attributed to a modest pickup in the US dollar demand. The USD uptick, however, seemed to lack any strong bullish conviction amid retreating US Treasury bond yields, which might keep a lid on any strong follow-through positive move for the major.

Market participants now look forward to Friday's important release of monthly Canadian GDP growth figures for a fresh impetus later during the early North-American session. This coupled with any trade-related headlines might further influence the USD price dynamics and contribute towards producing some meaningful trading opportunities.

Technical levels to watch

USD/CAD

Overview
Today last price1.3292
Today Daily Change0.0010
Today Daily Change %0.08
Today daily open1.3282

 

Trends
Daily SMA201.3237
Daily SMA501.3218
Daily SMA1001.3218
Daily SMA2001.3278

 

Levels
Previous Daily High1.33
Previous Daily Low1.3234
Previous Weekly High1.3328
Previous Weekly Low1.3156
Previous Monthly High1.3349
Previous Monthly Low1.3042
Daily Fibonacci 38.2%1.3259
Daily Fibonacci 61.8%1.3275
Daily Pivot Point S11.3243
Daily Pivot Point S21.3205
Daily Pivot Point S31.3176
Daily Pivot Point R11.331
Daily Pivot Point R21.3339
Daily Pivot Point R31.3377