- WTI stages modest recovery after weekly EIA report.
- The pair remains in the consolidation channel.
- Coming up: Fed's Beige Book.
The USD/CAD erased its daily gains and turned negative on the day in the NA session as the commodity-sensitive loonie gathered strength on the back of rising crude oil prices. As of writing, the pair, which touched a session low of 1.3233, was trading at 1.3245, losing 0.18% on a daily basis.
The weekly report published by the EIA today showed that crude oil inventories in the U.S. declined by 2.7 million barrels for the week ending January 11 compared to analysts' expectation for a draw of 1.5 million barrels and provided a boost to crude oil prices. After falling to the $51.20 area earlier in the day, the barrel of West Texas Intermediate rose above $52 handle before losing its traction. At the moment, the WTI is losing 20 cents on the day at $51.75.
Meanwhile, today's data from the U.S. showed that import prices fell 1% on a monthly basis in December and the NAHB's Builder Confidence Index improved to 58 in January from 56 in December. Nevertheless, markets largely ignored these data and the US Dollar Index stayed in the upper half of its daily range above the 96 handle to limit the pair's losses. At 19 GMT, the Fed will publish its Beige Book and investors will be looking for signs of an economic slowdown in the U.S.
Key technical levels
USD/CAD
Overview:
Today Last Price: 1.3244
Today Daily change: -25 pips
Today Daily change %: -0.188%
Today Daily Open: 1.3269
Trends:
Previous Daily SMA20: 1.3486
Previous Daily SMA50: 1.3362
Previous Daily SMA100: 1.3193
Previous Daily SMA200: 1.3091
Levels:
Previous Daily High: 1.3296
Previous Daily Low: 1.3226
Previous Weekly High: 1.339
Previous Weekly Low: 1.318
Previous Monthly High: 1.4134
Previous Monthly Low: 1.316
Previous Daily Fibonacci 38.2%: 1.3253
Previous Daily Fibonacci 61.8%: 1.3269
Previous Daily Pivot Point S1: 1.3232
Previous Daily Pivot Point S2: 1.3195
Previous Daily Pivot Point S3: 1.3163
Previous Daily Pivot Point R1: 1.3301
Previous Daily Pivot Point R2: 1.3333
Previous Daily Pivot Point R3: 1.337
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