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USD/CAD bulls eyeing a move beyond 100-DMA, focus on Canadian jobs report

Written by By Haresh Menghani | 2019-11-08 08:15:49 GMT
  • Sliding Oil prices undermined the Loonie and helped regain some traction on Friday.
  • Conflicting trade headlines kept the USD bulls on the defensive and might cap gains.
  • The monthly Canadian employment details will now be eyed for a fresh impetus.

The USD/CAD pair edged higher on Friday, with bulls making a fresh attempt to make it through the 100-day SMA barrier near the 1.3200 handle.
 
Following the previous session's two-way price moves, sliding Crude Oil prices undermined demand for the commodity-linked currency – Loonie – and helped the pair to regain some positive traction on the last trading day of the week. Oil prices gave back some of the previous session's gains that came after China said they are rolling back tariffs with the US and seemed rather unaffected by the fact that OPEC and its allies are currently considering deeper production cuts.

Subdued USD demand might cap the upside

Meanwhile, conflicting trade-related headlines raised some scepticism about a trade deal and led to a slightly softer risk tone on Friday. This was evident from a modest pullback in the US Treasury bond yields, which failed to assist the US Dollar to capitalize on its overnight strong positive move to near one-month tops and might turn out to be the only factor that might cap any strong gains for the major, at least for the time being.
 
Apart from the USD/Oil price dynamics, investors on Friday will further take cues from the monthly Canadian employment details. From the US, the release of the preliminary Michigan Consumer Sentiment Index for November might further collaborate towards producing some trading opportunities later during the early North-American session on Friday.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3189
Today Daily Change 0.0011
Today Daily Change % 0.08
Today daily open 1.3178
 
Trends
Daily SMA20 1.3138
Daily SMA50 1.3213
Daily SMA100 1.3196
Daily SMA200 1.3275
 
Levels
Previous Daily High 1.32
Previous Daily Low 1.316
Previous Weekly High 1.3209
Previous Weekly Low 1.3042
Previous Monthly High 1.3349
Previous Monthly Low 1.3042
Daily Fibonacci 38.2% 1.3175
Daily Fibonacci 61.8% 1.3184
Daily Pivot Point S1 1.3158
Daily Pivot Point S2 1.3139
Daily Pivot Point S3 1.3118
Daily Pivot Point R1 1.3198
Daily Pivot Point R2 1.3219
Daily Pivot Point R3 1.3238

 

 

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By Haresh Menghani

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