- US dollar strengthens versus commodity currencies as stocks and crude oil slide.
- USD/CAD extends gains during the American session, upside still seen as corrective.
The USD/CAD is rising on Thursday after posting on Wednesday the lowest daily close since early July. The pair bottomed at 1.2288 on Asian hours and then bounced to the upside. During the American session it printed a fresh daily high at 1.2353 and then pulled back to 1.2345.
The main trend in USD/CAD continues to point to the downside and the current move higher could be seen as corrective. The pair needs a daily close under 1.2300 to suggest bears are still in control.
The US dollar is holding onto daily gains across the board, except versus the Japanese yen. The DXY is up by 0.03%, ending a six-day negative streak. Higher US yields and a deterioration in market sentiment helped the greenback. The USD/CAD also finds support from a correction in crude oil prices. The WTI barrel is pulling back from multi-year highs, and trades under $81.00.
US economic data showed a decline in Initial Jobless Claims to the lowest since March 2020 below 300K. On the negative front, the Philly Fed retreated from 30.7 to 23.8 (consensus: 25). Existing Home Sales rebounded more than expected by 7% in September. Home prices rose 0.4% in September in Canada.
On Friday, preliminary Markit PMI is due in the US and in Canada the August retail sales report with preliminary numbers for September.
Technical levels
USD/CAD
Overview
Today last price1.234
Today Daily Change0.0020
Today Daily Change %0.16
Today daily open1.232
Trends
Daily SMA201.2534
Daily SMA501.2607
Daily SMA1001.2509
Daily SMA2001.2501
Levels
Previous Daily High1.237
Previous Daily Low1.2307
Previous Weekly High1.2498
Previous Weekly Low1.2337
Previous Monthly High1.2896
Previous Monthly Low1.2494
Daily Fibonacci 38.2%1.2331
Daily Fibonacci 61.8%1.2346
Daily Pivot Point S11.2295
Daily Pivot Point S21.227
Daily Pivot Point S31.2233
Daily Pivot Point R11.2357
Daily Pivot Point R21.2395
Daily Pivot Point R31.242
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades with mild losses near 1.0300 as traders await US NFP release
The EUR/USD pair trades with a mild negative bias around 1.0300 during the Asian trading hours on Friday. The Federal Reserve’s move to delay the interest rate cut continues to lift the Greenback and exert some selling pressure on the major pair.
GBP/USD remains subdued around 1.2300 after rebounding from 14-month lows, US NFP eyed
GBP/USD remains subdued for the fourth successive day, trading around 1.2300 during the Asian session on Friday. The pair dropped to 1.2238 on Thursday, marking its lowest level since November 2023, as the Pound Sterling struggled under mounting concerns about the United Kingdom’s fiscal and inflation outlook.
Gold price stands tall near multi-week top; looks to US NFP for fresh impetus
Gold price attracts buyers for the fourth straight day on Friday amid some haven flows. The Fed’s hawkish stance, elevated US bond yields and a bullish USD should cap gains. Traders might also opt to wait for the release of the key US NFP report later this Friday.
Nonfarm Payrolls forecast: US December job gains set to decline sharply from November
US Nonfarm Payrolls are expected to rise by 160K in December after jumping by 227K in November. US jobs data is set to rock the US Dollar after hawkish Fed Minutes published on Wednesday.
How to trade NFP, one of the most volatile events Premium
NFP is the acronym for Nonfarm Payrolls, arguably the most important economic data release in the world. The indicator, which provides a comprehensive snapshot of the health of the US labor market, is typically published on the first Friday of each month.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.