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USD/CAD eases from highs, clings to modest gains near mid-1.33s

FXstreet.com Friday, 15 March 2019
· *Crude oil drop weighs on the commodity-sensitive loonie on Friday.*
· *Greenback weakens in the NA session.*
· *Manufacturing sales in Canada rose **more than expected in January.*

The USD/CAD pair climbed to a daily high of 1.3375 in the early NA session as the commodity-related loonie weakened on falling crude oil prices. However, with the greenback meeting a new selling-wave in the last couple of hours, the pair lost its bullish momentum and eased from its daily highs. As of writing, the pair was trading at 1.3350, adding 0.12% on a daily basis.

After advancing to its highest level since mid-November at $58.93, the barrel of West Texas Intermediate reversed its direction amid profit-taking ahead of the weekend and dropped below $58 before going into a consolidation phase. Ahead of the weekly Baker Hughes rig count data, the WTI is down 0.25% on the day at $58.35.

On the other hand, a sharp fall witnessed in the 10-year T-bond yield in the NA session weighed on the greenback and forced the US Dollar Index, which touched a daily high of 96.80, return to 96.50 area. For the week, the index is down nearly 1%. Today's data from the u.S. revealed that consumer confidence improved slightly in March and industrial production expanded by less than expected in February.

· *US: UoM Consumer Confidence Index improves to 97.8 in March from 93.8.*
· *US: Industrial production expands 0.1% in February vs 0.4% expected.*

*Key technical levels*

USD/CAD

Trends:   Daily SMA20: 1.3278   Daily SMA50: 1.3264   Daily SMA100: 1.33   Daily SMA200: 1.3185
Levels:   Previous Daily High: 1.3349   Previous Daily Low: 1.3287   Previous Weekly High: 1.3469   Previous Weekly Low: 1.3275   Previous Monthly High: 1.3341   Previous Monthly Low: 1.3069   Daily Fibonacci 38.2%: 1.3325   Daily Fibonacci 61.8%: 1.331   Daily Pivot Point S1: 1.3298   Daily Pivot Point S2: 1.3261   Daily Pivot Point S3: 1.3236   Daily Pivot Point R1: 1.336   Daily Pivot Point R2: 1.3385   Daily Pivot Point R3: 1.3422

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