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

Crude oil prices recover following Thursday's modest drop.
US Dollar Index stays calm above 99 mark.
Retail Sales and Industrial Production data from US coming up next.

Eren Sengezer FXStreet

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 extending 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

USD/CAD

Overview
Today last price	1.3241
Today Daily Change	-0.0022
Today Daily Change %	-0.17
Today daily open	1.3263

Trends
Daily SMA20	1.3209
Daily SMA50	1.3144
Daily SMA100	1.318
Daily SMA200	1.322

Levels
Previous Daily High	1.3272
Previous Daily Low	1.324
Previous Weekly High	1.3321
Previous Weekly Low	1.323
Previous Monthly High	1.3255
Previous Monthly Low	1.29
Daily Fibonacci 38.2%	1.326
Daily Fibonacci 61.8%	1.3253
Daily Pivot Point S1	1.3244
Daily Pivot Point S2	1.3226
Daily Pivot Point S3	1.3212
Daily Pivot Point R1	1.3277
Daily Pivot Point R2	1.3291
Daily Pivot Point R3	1.3309

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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