CAD pulled back as WTI rebounded; NFP report may help USD bulls

USD/CAD: USD/CAD is currently trading at local highs around the 1.2450 mark, having shown a huge bullish momentum during the Asia Pacific session, when the pair soared from the lows around the 1.2400 level. The pair is correlated with oil prices more than anything else. Crude oil prices have reversed sharply from local highs around 83.40 level to hit a fresh near one month low, with this latest sell-off pressure which helped loonie and supported USD/CAD sellers. The pair is now trading at its highest levels since 13 October, and the bulls will be hoping for a further decline in oil to let USD/CAD hit the next resistance area around 1.2480.


BUY 1.2460/TP 1.2570/SL 1.2420

 

NZD/USD: As the US dollar rose yesterday, the New Zealand dollar pulled back from the local highs it had approached after a positive release of jobs data that reinforced bets the Reserve Bank of New Zealand will hike rates later this month. However, the US dollar pulled back on Thursday as well, recovering after the Federal Reserve repeated it considered high inflation rates as temporary. A buy the US dip outcome has led to a break of 0.71 support level in NZD/USD. The pair has fallen from its high to a low of 0.7095 so far and reached daily support. Today, a strong NFP report is expected, which might be the reason for the greenback rebound in the past few hours.


SELL LIMIT 0.7160/TP 0.7020/SL 0.7160

 

WTI: Oil prices showed a mixed dynamic on Thursday. At one point, front-month WTI futures prices were up more than $2.50, higher than Wednesday’s closing levels. Now they’re trading around the $79.00 level. That means the American benchmark for sweet light crude oil is now trading at near one-month lows. Moreover, black gold sellers could be supported by the OPEC+ decision regarding hiking output by 400K barrels per day in the next month, despite international calls for a larger output hike which could additionally push the prices lower.


SELL 79.65/TP 77.00/SL 80.50

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