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  • 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


       Daily SMA20:  1.3278
       Daily SMA50:  1.3264
       Daily SMA100:  1.33
       Daily SMA200:  1.3185
       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