USD/CAD drops below 1.3250 as WTI rebounds above $52


The USD/CAD pair continues to react to crude oil's performance in the absence of significant macroeconomic data releases on Friday. As of writing, the pair was down 0.2% on the day at 1.3240.

Crude oil rises on hopes of deeper output cuts

After staging a decisive rebound during the first half of the week, crude oil prices lost the recovery momentum on Thursday amid resurfacing concerns over the coronavirus outbreak weighing on the global oil demand growth.

However, with reports suggesting that Russian oil firms were in favour of deepening the oil output cuts, crude oil gained traction and the barrel of West Texas Intermediate (WTI) advanced to its highest level of February above $52. As of writing, the WTI was up 1.4% on the day at $52.20, helping the commodity-related CAD find demand.

In the second half of the day, markets will be watching mid-tier macroeconomic data releases from US for fresh catalysts.

Ahead of Retail Sales, Industrial Production, Capacity Utilization and the University of Michigan's (UoM) Consumer Confidence Index data, the US Dollar Index is staying flat on the day near 99.10.

Technical levels to watch for


Today last price1.3241
Today Daily Change-0.0022
Today Daily Change %-0.17
Today daily open1.3263


Daily SMA201.3209
Daily SMA501.3144
Daily SMA1001.318
Daily SMA2001.322


Previous Daily High1.3272
Previous Daily Low1.324
Previous Weekly High1.3321
Previous Weekly Low1.323
Previous Monthly High1.3255
Previous Monthly Low1.29
Daily Fibonacci 38.2%1.326
Daily Fibonacci 61.8%1.3253
Daily Pivot Point S11.3244
Daily Pivot Point S21.3226
Daily Pivot Point S31.3212
Daily Pivot Point R11.3277
Daily Pivot Point R21.3291
Daily Pivot Point R31.3309