USD/CAD retreats farther from weekly tops, below 1.3200 handle

The USD/CAD pair remained under some selling pressure through the early European session on Thursday and retreated farther from weekly tops set in the  |  12/09/2019 09:25
  • Bulls failed to capitalize on the overnight bullish attempt to weekly tops.
  • A modest USD pullback/rising Oil prices seemed to exert fresh pressure.
  • Traders look forward to the US CPI figure for short-term opportunities.

The USD/CAD pair remained under some selling pressure through the early European session on Thursday and retreated farther from weekly tops set in the previous session.
 
A combination of supporting factors prompted some near-term short-covering move and led to a strong up-move of around 85-pips on Wednesday. A strong follow-through upsurge in the US Treasury bond yields - encouraging signs for US-China trade development - lifted the US Dollar to one-week tops.

USD/Oil price dynamics influencing the move

This coupled with a sharp intraday fall in Crude Oil prices, despite a larger-than-expected draw in the US inventories, further undermined demand for the commodity-linked currency - Loonie and collaborated to the pair's intraday upswing back above 50-day SMA barrier near the 1.3200 round figure mark.
 
However, a modest USD pullback from one-week tops, weighed down by the US President Donald Trump's latest criticism over the Fed's monetary policy stance, coupled with some renewed strength in Oil prices exerted some fresh downward pressure on Thursday.
 
Moving ahead, Thursday's US economic docket - highlighting the release of the latest consumer inflation figures - will now be looked upon for some fresh trading impetus later during the early North-American session.

Technical levels to watch

 

Share

Popular News

Show More Popular News

TheFXApp's Views

TheFXApp analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for TheFXApp viewers

Back

Login to TheFXApp Account

Your TheFXApp account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a TheFXApp account? With a few easy steps you can easily register to TheFXApp

Create a TheFXApp's Account

Your TheFXApp account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to TheFXApp family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@thefxapp.com