USD/CAD shows some selling for the third day in a row and hit a fresh weekly low on Thursday. The drop in crude oil prices blew the crap out and helped limit losses to the modest strength of the dollar. Investors are eagerly awaiting Canadian and US macro releases. The USD/CAD outlook is bearish during the first half of the European session. The USD/CAD price fell to a new weekly low of 1.2815-20. –Are you interested to learn more about Forex apps? Check our detailed guide- The USD/CAD pair fell into negative territory for the third consecutive day on Thursday after rallying to the 1.2855 range on Wednesday. Even though various factors helped limit any deeper losses, the pair moved farther away from YTD levels hit earlier in the week. Despite the strong recovery this week from $68.00, crude oil prices have experienced a moderate decline near a monthly high. In turn, this eroded the commodity-linked Canadian dollar, supporting the USD/CAD pair amid a moderate increase in demand for the US dollar. Due to rising US government bond yields and the Fed’s aggressive forecast, the dollar received some support. According to the so-called scatter plot, the Fed can raise interest rates three times in the upcoming year. Nonetheless, risk sentiment was a headwind for the safe harbor. The global risk sentiment remained buoyant due to recent optimism fueled by reports that current vaccinations may be more effective than previously thought against the new option. Further, a South African study showed that people infected with Omicron had a lower risk of hospitalization and serious illness than those infected with Delta. Thus, investors became more willing to invest in riskier assets. The market now awaits the release of the US economic document, which will provide data on the underlying PCE price index and durable goods orders later in the session. Combined with broader market risk sentiment, this will stimulate demand for dollars and give the USD/CAD pair some momentum. Get FREE Forex Signals Now! The publication of Canada’s November GDP report will also signal traders. Finally, at the end of this year’s holiday season, oil price action will affect the Canadian dollar and create some short-term trading opportunities around the USD/CAD pair. USD/CAD price technical outlook: Bearish momentum to continue The USD/CAD price breaks the key 20 and 50 period SMAs on the 4-hour chart. The price is above the 1.2800 handle, while it looks vulnerable to breaking the round number. The next stop for the pair is the 200-period SMA around the 1.2725 area. –Are you interested to learn more about STP brokers? Check our detailed guide- On the upside, 20-period SMA around 1.2900 will continue to resist the gains. However, breaking above the level may trigger a rally towards swing highs at 1.2960. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next AUD/USD Price Jumps Above 0.72 amid Reduced Omicron Fears Saqib Iqbal 4 weeks USD/CAD shows some selling for the third day in a row and hit a fresh weekly low on Thursday. The drop in crude oil prices blew the crap out and helped limit losses to the modest strength of the dollar. Investors are eagerly awaiting Canadian and US macro releases. The USD/CAD outlook is bearish during the first half of the European session. The USD/CAD price fell to a new weekly low of 1.2815-20. -Are you interested to learn more about Forex apps? Check our detailed guide- The USD/CAD pair fell into negative territory for the third consecutive day on Thursday… Top 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.