FXStreet – The dollar compared to its canadian counterpart, and as a result, the USD/CAD day-to-day high above 1,3500.
USD/CAD rises by WTI decline
The persistent selling pressure in crude oil prices impacted the CAD. The Barrel of WTI fell below 48,00 $, so that the new 2-week low was formed. Since the OPEC decision on the extension of the deal to cut production, the price has fallen by more than -7%.
The initial USD sales could be reversed. The canadian GDP grew year-on-year by 3.7% (yoy) and 0.5% (month). The US Chicago PMI and pending real estate sales lagged behind the forecasts.
Later, there is still the API report on US crude oil stock and, the Fed Beige Book.
USD/CAD technical levels
Currently, the days income is 0.33% in the case of 1,3504 and the next Resistances lie at 1,3541 (High 24. May), 1,3575 (38,2% Fibo of the April-may rally) and 1,3581 (20-day SMA). On the other hand, supports are located at 1,3437 (Deep 31. May), 1,3424 (Deep 29. May) and 1,3385 (Deep 25. May).
** FXStreet News Editorial, FXStreet**