USD/CAD clings to modest daily gains above 1.3500

USD/CAD is trading in a relatively tight range above 1.3500.
WTI posts small daily losses, trades around mid-$36s.
US Dollar Index looks to snap seven-day losing streak.

Eren Sengezer FXStreet

The USD/CAD pair slumped to its lowest level since early March at 1.3478 on Wednesday and staged a modest rebound on Thursday. As of writing, the pair was up 0.2% on a daily basis at 1.3520.

Crude oil prices remain depressed

The poor performance of crude oil prices makes it difficult for the commodity-related loonie to stay resilient against its rivals. The barrel of West Texas Intermediate (WTI) closed in the negative territory on Wednesday amid uncertainty surrounding the OPEC+ meeting and struggled to gain traction. According to Reuters, it's still possible for the OPEC+ meeting to take place this week if Iraq and other countries pledge to improve the compliance with output cut agreement.

Later in the day, Trade Balance data will be released from Canada. Additionally, Bank of Canada's (BoC) Deputy Governor Toni Gravelle will deliver a speech at 1800 GMT. Moreover, weekly Jobless Claims, Trade Balance and Unit Labor Costs will be published from the US as well. Ahead of these data, the US Dollar Index is up 0.26% on the day at 97.55, looking to snap its seven-day losing streak.

Meanwhile, investors will keep a close eye on crude oil prices and a significant reaction to OPEC headlines could impact USD/CAD's movements.

On Friday, jobs reports from both the US and Canada will be the last significant macroeconomic data releases of the week.

Technical levels to watch for

USD/CAD

Overview
Today last price	1.3515
Today Daily Change	0.0019
Today Daily Change %	0.14
Today daily open	1.3496

Trends
Daily SMA20	1.3882
Daily SMA50	1.3987
Daily SMA100	1.3734
Daily SMA200	1.3462

Levels
Previous Daily High	1.3572
Previous Daily Low	1.348
Previous Weekly High	1.4008
Previous Weekly Low	1.3715
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3516
Daily Fibonacci 61.8%	1.3537
Daily Pivot Point S1	1.346
Daily Pivot Point S2	1.3424
Daily Pivot Point S3	1.3368
Daily Pivot Point R1	1.3552
Daily Pivot Point R2	1.3608
Daily Pivot Point R3	1.3644

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.

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