USD/CAD Price Analysis: Corrects Gradually Below 1.3550

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USD/CAD continues its mild correction as higher oil prices strengthen the Canadian Dollar.

OPEC Ghais is upbeat on oil demand for this year.

The US Dollar prints a fresh three-month high amid a risk-off mood.

The  pair falls slightly below 1.3550 in the late European session on Wednesday as upbeat oil prices strengthened the Canadian Dollar. The Loonie asset continues to correct despite the  extending its upside.The positive commentary on the oil outlook from  Secretary General Al Ghais has strengthened the oil price bulls. On Tuesday, General Al Ghais said he expects a strong global economy this year with positive implications for demand. He added, “Saudi Arabia’s decision to postpone capacity expansion should not be misunderstood as poor demand outlook.”It is worth noting that Canada is the leading oil exporter to the , and higher oil prices support the Canadian Dollar.The overall market mood is downbeat as persistent United States inflation data has cooled down expectations of rate cuts by the Federal Reserve (Fed) in the May monetary policy meeting. Fed policymakers are expected to keep interest rates in the range of 5.25-5.50% until they get confidence that inflation will sustainably return to the 2% target. The overall inflation picture indicates that the last leg of high price pressures is complicated.The US Dollar Index (DXY) refreshes a three-month high to near 105.00. The US Dollar attracts more foreign inflows when the  maintains a hawkish rhetoric.Going forward, market participants will focus on the monthly US Retail Sales data for January, which will be published on Thursday. Investors anticipate that Retail Sales contracted by 0.1% against a 0.6% increase in December.
 USD/CAD

OVERVIEW Today last price 1.3541 Today Daily Change -0.0029 Today Daily Change % -0.21 Today daily open 1.357 TRENDS Daily SMA20 1.3468 Daily SMA50 1.3418 Daily SMA100 1.3553 Daily SMA200 1.3477 LEVELS Previous Daily High 1.3586 Previous Daily Low 1.3438 Previous Weekly High 1.3544 Previous Weekly Low 1.3413 Previous Monthly High 1.3542 Previous Monthly Low 1.3229 Daily Fibonacci 38.2% 1.3529 Daily Fibonacci 61.8% 1.3494 Daily Pivot Point S1 1.3476 Daily Pivot Point S2 1.3383 Daily Pivot Point S3 1.3328 Daily Pivot Point R1 1.3625 Daily Pivot Point R2 1.368 Daily Pivot Point R3 1.3773

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