- USD / CAD is trading in ranges on Thursday, with no clear direction.
- Ahead: fourth-quarter GDP data and US unemployment benefits.
The USD / CAD closed in negative on Wednesday, due to a strong rebound in oil prices and on Thursday it is trading in ranges. The cross marked lows for the day at 1.2545, above Wednesday’s floor, and bounced above 1.2570.
The rebound came after the dollar regained strength as Wall Street futures erased gains and turned negative for the day. In addition, the oil price rally has also lost steam.
A barrel of West Texas Intermediate (WTI) gained more than 6% on Thursday on the blockade of the Suez Canal and the report that OPEC + producers would keep production stable at the April meeting. Currently, WTI is making a technical correction and is losing 1.5% at $ 59.85.
The Treasury yields are stable on Thursday and the dollar index rises modestly, near the highest level in several months, above 92.50.
The economic calendar shows ahead of the GDP growth report for the fourth quarter (third reading) and the weekly report of unemployment benefit requests. In addition, several officials from the Federal Reserve will speak.
Technical levels
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