USD/CAD moves sideways near 1.3470, US PMIs, Canada Retail Sales eyed


  • USD/CAD trades sideways ahead of economic data from both economies.
  • Upbeat WTI prices provide the support for underpinning the Canadian Dollar (CAD).
  • US Dollar (USD) trimmed some intraday gains, which could be attributed to the pullback in US bond yields.

USD/CAD halts a two-day winning streak, trading sideways near 1.3470 during the European session on Friday. The pair experienced downward pressure as the US Dollar (USD) trimmed a part of intraday gains, coupled with the upbeat Crude oil prices.

The pullback in US Treasury yields might have put a ceiling on the gains of the US Dollar (USD). The yield on the 10-year US bond stands at 4.46% at the time of writing.

US Dollar Index (DXY), which measures the performance of the Greenback against the six other major currencies, is trading at around 105.50 by the press time.

West Texas Intermediate (WTI), the crude oil prices trade around $89.90 per barrel at the time of writing. This upward trend is attributed to the deliberate production cutbacks by OPEC+ producers.

These producers are actively reducing the supply of crude oil in the market as part of their efforts to support oil prices and balance the global supply-demand dynamics.

Market participants await economic data releases due on Friday, including the preliminary US S&P Global PMIs for September and Canada's Retail Sales for July. These figures have the potential to provide valuable insights into the economic conditions of both economies and can aid traders in identifying potential trading opportunities around the USD/CAD pair

Fed maintained interest rates within the 5.25-5.50% range during its Wednesday meeting. Fed Chairman Jerome Powell, during a subsequent press conference, reiterated the Fed's commitment to achieving a 2% inflation target. Powell also mentioned that the Fed is prepared to raise rates if deemed necessary. The Fed’s hawkish sentiment could help in underpinning the US Dollar (USD).

USD/CAD: additional important levels

Overview
Today last price 1.3471
Today Daily Change -0.0013
Today Daily Change % -0.10
Today daily open 1.3484
 
Trends
Daily SMA20 1.3558
Daily SMA50 1.3436
Daily SMA100 1.3398
Daily SMA200 1.3463
 
Levels
Previous Daily High 1.3524
Previous Daily Low 1.3453
Previous Weekly High 1.3639
Previous Weekly Low 1.3493
Previous Monthly High 1.364
Previous Monthly Low 1.3184
Daily Fibonacci 38.2% 1.3497
Daily Fibonacci 61.8% 1.348
Daily Pivot Point S1 1.345
Daily Pivot Point S2 1.3416
Daily Pivot Point S3 1.3379
Daily Pivot Point R1 1.352
Daily Pivot Point R2 1.3558
Daily Pivot Point R3 1.3591

 

 

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