USD/CAD keeps highs near 1.3100

After climbing as highs as 1.3110 in overnight trading,USD/CAD has surrendered some pips and has returned to the 1.3100 region for the time being.

USD/CAD focus on UK, CAD releases, oil

CAD continues to lose traction against a backdrop of declining crude oil prices, with the barrel of West Texas Intermediate coming back to the $35.60 area and thus prompting spot to advance for the second session in a row.

Next on tap for the pair will be the trade balance figures in both Canada and the US, while the ISM Non-manufacturing and API’s weekly report on stockpiles will also claim attention.

Additionally, BoC’s Senior Deputy Governor C.Wilkins will speak on ‘China’s Great Transition: What it means for Canada’.

USD/CAD significant levels 

As of writing the pair is advancing 0.13% at 1.3104 and a breakout of 1.3129 (20-day sma) would open the door to 1.3298 (high Mar.24) and then 1.3384 (200-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).