USD/CAD turns flat on the day near 1.36 as oil recovers modestly after EIA data
- EIA says crude oil stocks were virtually unchanged in the week ending December 21.
- WTI rises above the $45 mark following the report.
- US Dollar Index moves sideways below 96.50.
After inching closer to 1.3659 and coming within a couple of pips of the 19-month high that was posted yesterday, the USD/CAD pair lost its traction and erased its daily gains in the last hour to turn flat on the day near 1.3620.
A modest rebound witnessed in crude oil prices following the EIA's weekly report seems to be helping the commodity-sensitive loonie gather some strength. Following a fall to the $44.50 area, the barrel of West Texas Intermediate rose above the $45 handle. In its publication, the EIA said that crude oil stocks remained virtually unchanged in the U.S. in the week ending December 21.
On the other hand, the US Dollar Index continues to move sideways in the negative territory below the 96.50 level. Today's data from the United States showed that pending home sales declined 0.7% and the ISM-Chicago's PMI came in at 65.4 to beat the market consensus of 62. Nevertheless, markets paid little to no attention to these figures.
Technical levels to consider
Today Last Price: 1.3619
Today Daily change: 2.0 pips
Today Daily change %: 0.0147%
Today Daily Open: 1.3617
Previous Daily SMA20: 1.3453
Previous Daily SMA50: 1.3284
Previous Daily SMA100: 1.3149
Previous Daily SMA200: 1.3057
Previous Daily High: 1.3662
Previous Daily Low: 1.3566
Previous Weekly High: 1.3602
Previous Weekly Low: 1.3372
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3625
Previous Daily Fibonacci 61.8%: 1.3603
Previous Daily Pivot Point S1: 1.3569
Previous Daily Pivot Point S2: 1.352
Previous Daily Pivot Point S3: 1.3474
Previous Daily Pivot Point R1: 1.3664
Previous Daily Pivot Point R2: 1.371
Previous Daily Pivot Point R3: 1.3759