USD/CAD easing from tops, back near 1.3000

The greenback is now shedding some gains vs. its Canadian peer, dragging USD/CAD to the vicinity of 1.3000 the figure.

USD/CAD focus on oil, US data

The pair has briefly tested daily highs in the 1.3020 area although the up move seems to have lost some vigour soon afterwards, prompting the current correction lower.

Adding to CAD selling, the softer tone in crude oil prices is sending the West Texas Intermediate to sub-$46.00 levels ahead of the API weekly report on US stockpiles.

Next on tap in the data space, US Housing Starts and Building Permits are due followed by the API report.

USD/CAD significant levels

As of writing the pair is advancing 0.55% at 1.3015 facing the next hurdle at 1.3139 (high Jul.11) ahead of 1.3191 (high May 24) and then 1.3312 (38.2% Fibo of the 2016 down move). On the other hand, a breach of 1.2858 (low Jul.14) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).