USD/CAD retreats below 1.3000 ahead of FOMC Minutes


  • USD/CAD lost its traction after recovering to 1.3030.
  • US Dollar Index fell below 92.00 after mixed macroeconomic data releases.
  • WTI trades at fresh multi-month highs near $46.

The USD/CAD pair rose to 1.3030 in the early American session but lost its traction pressured by the renewed USD weakness and rising crude oil prices. As of writing, the pair was down 0.05% on a daily basis at 1.2987.

The mixed macroeconomic data releases from the US failed to help the greenback gather strength against its rivals. The US Bureau of Economic Analysis left its annual Q3 GDP growth estimate unchanged at 33.1% and reported that Personal Spending in October increased by 0.5% on a monthly basis.

Other data revealed that the US' trade deficit widened to $80.29 billion from $79.4 billion and the weekly Initial Jobless Claims rose to 778,000 from 748,000 last week. At the moment, the US Dollar Index is down 0.27% on the day at 91.98.

Oil rally regains momentum

On the other hand, the weekly report published by the US Energy Information Administration (EIA) showed that crude oil stocks declined by 0.75 million barrels in the week ending November 20 and provided a boost to oil prices. The barrel of West Texas Intermediate (WTI), which closed the previous five days in the positive territory, is currently trading at its highest level since March at $45.95, gaining 2.6% on a daily basis. 

Later in the session, the FOMC will publish the minutes of its November meeting. However, the market reaction is likely to remain muted with trading conditions thinning out ahead of the Thanksgiving Day holiday in the US.

Technical levels to watch for 

USD/CAD

Overview
Today last price 1.2994
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.3
 
Trends
Daily SMA20 1.3124
Daily SMA50 1.319
Daily SMA100 1.3246
Daily SMA200 1.3532
 
Levels
Previous Daily High 1.3091
Previous Daily Low 1.3
Previous Weekly High 1.3142
Previous Weekly Low 1.3034
Previous Monthly High 1.339
Previous Monthly Low 1.3081
Daily Fibonacci 38.2% 1.3035
Daily Fibonacci 61.8% 1.3056
Daily Pivot Point S1 1.297
Daily Pivot Point S2 1.294
Daily Pivot Point S3 1.2879
Daily Pivot Point R1 1.3061
Daily Pivot Point R2 1.3121
Daily Pivot Point R3 1.3152

 

 

Share: Feed news

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


Recommended content

Editors’ Picks

AUD/USD shift its attention to 0.6600 and beyond

AUD/USD shift its attention to 0.6600 and beyond

AUD/USD left behind Friday’s decline and rose past the 0.6500 barrier, meeting resistance once again around the 0.6550 zone on the back of the pronounced sell-off in the US Dollar.

AUD/USD News
EUR/USD: Initial contention aligns near 1.0330

EUR/USD: Initial contention aligns near 1.0330

The sharp decline in the Greenback allowed EUR/USD to regain some composure and reclaim the 1.0500 hurdle at the beginning of the week ahead of key releases on both sides of the ocean.

EUR/USD News
Gold turns bearish and could test $2,600

Gold turns bearish and could test $2,600

After recovering toward $2,700 during the European trading hours, Gold reversed its direction and dropped below $2,650. Despite falling US Treasury bond yields, easing geopolitical tensions don't allow XAU/USD to find a foothold. 

Gold News
MicroStrategy set to push Bitcoin to new highs after 55,500 BTC acquisition, should investors be concerned?

MicroStrategy set to push Bitcoin to new highs after 55,500 BTC acquisition, should investors be concerned?

MicroStrategy revealed on Monday that it made another heavy Bitcoin purchase, acquiring 55,500 BTC for $5.4 billion at an average rate of $97,862 per coin.

Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

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.

Read More

Forex MAJORS

Cryptocurrencies

Signatures