After climbing as highs as the boundaries of 1.3290, USD/CAD has now given away those gains and has dropped to session lows near 1.3240.
USD/CAD lower on oil recovery
The Canadian dollar seems to be resuming its upside momentum vs. its neighbour on Monday propped up by a better tone in crude oil price, with the barrel of West Texas Intermediate approaching the critical $40.00 mark.
Spot is thus snapping a 3-session positive streak although the bullish attempt has faltered ahead of the key barrier at 1.3300 the figure. Next of relevance for the pair will be today’s US Personal Spending/Income, Goods Trade Balance, February’s PCE and Pending Home Sales.
USD/CAD significant levels
As of writing the pair is losing 0.10% at 1.3247 and a breakdown of 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16). On the other hand, the immediate up barrier aligns at 1.3366 (200-day sma) followed by 1.3596 (38.2% Fibo of 1.4692-1.2919) and then 1.3680 (100-day sma).
(Market News Provided by FXstreet)