“¢ A follow-through USD retracement prompts some profit-taking on Friday. “¢ A goodish pickup in oil prices underpin Loonie and add to the selling pressure. “¢ OPEC meetings and Canadian macro data should help determine the next direction. The USD/CAD pair snapped three consecutive days of a winning streak and held on to its weaker tone through the early European session. The pair corrected from near one-year high set in the previous session and has now reversed a major part of gains recorded in the previous two trading sessions. Despite a goodish pickup in the US Treasury bond yields, the US Dollar retreated farther from 11-month tops and was seen as one of the key factors prompting some selling on the last trading day of the week. This coupled with a strong up-move in oil prices, with WTI crude oil gaining over 1% and holding comfortably above the $66.00/barrel mark, underpinned demand for the commodity-linked currency – Loonie and was seen exerting some additional downward pressure on the major. The downside, however, remained cushioned amid nervousness ahead of the crucial OPEC meetings on Friday and Saturday. Traders might also be reluctant to place aggressive bets and preferred to wait for the release of today’s key Canadian macro data – the latest consumer inflation figures and monthly retail sales, before positioning for the next leg of directional move. Technical levels to watch A follow-through selling below the 1.3270 immediate support is likely to trigger some additional long-unwinding trade and continue dragging the pair further towards the 1.3200 round figure mark. On the flip side, the 1.3320-25 region now becomes immediate resistance to conquer, above which the pair is likely to resume with its appreciating move and aim towards reclaiming the 1.3400 handle. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI holds gains above $ 66 mark, OPEC meeting eyed FX Street 5 years "¢ A follow-through USD retracement prompts some profit-taking on Friday. "¢ A goodish pickup in oil prices underpin Loonie and add to the selling pressure. "¢ OPEC meetings and Canadian macro data should help determine the next direction. The USD/CAD pair snapped three consecutive days of a winning streak and held on to its weaker tone through the early European session. The pair corrected from near one-year high set in the previous session and has now reversed a major part of gains recorded in the previous two trading sessions. Despite a goodish pickup in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.