OctaFX | OctaFX Forex Broker
Open trading account

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


GBP/USD consolidates gains and continues to test 1.2700

The rebound of GBP/USD from 1.2630 found resistance below the 1.2700 area. It failed to break higher and pulled back modestly. As of writing trades at
Read more Previous

United States Baker Hughes US Oil Rig Count up to 885 from previous 883

United States Baker Hughes US Oil Rig Count up to 885 from previous 883
Read more Next
Start livechat