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Forex: USD/CAD in session highs around 0.9980

The Canadian dollar is losing ground against its neighbour on Wednesday, ahead of the release of the Ivey PMI for the month of January. Prior surveys expect the indicator to raise to 53.2 vs. previous 52.8

After the last peaks in the vicinity of 1.0100, the cross retreated to the area around 0.9975/80, where it continues to stabilize, against a contrast of increasing aversion.

At the moment, the pair is up 0.20% at 0.9976 facing the next hurdle at 1.0003 (MA10d) ahead of 1.0088 (Upper Bollinger) and finally 1.0101 (double highs Jan.25/28).
On the flip side, a violation of 0.9948 (low Feb.4) would clear the way to 0.9941 (MA21d) and then 0.9924 (61.8% of 0.9815-1.0101).

WTI trading at $96.01/bbl

A recovery in crude prices from yesterday’s low at 95.90 was rejected at 96.90 (previous high), subsequently easing towards the 96.00 handle. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “we the rally as corrective part of larger reversal from 98.22 (30 January peak). Weak near-term studies keep the downside in focus, with break below 95.90 seen as a trigger for extension towards key supports at 95.50 and the 95.00 breakpoint”.
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