The dollar’s upside lost some momentum following today’s US releases, pushing USD/CAD back to the mid-1.3300s.
USD/CAD focus on API’s report
The renewed offered tone in crude oil prices has been weighing on the Canadian dollar during the first half of the week, prompting spot to extend the rebound from sub-1.3200 levels to today’s peaks in the 1.3400 neighbourhood.
Additionally, the greenback has faded part of the advance in response to mixed results from the US docket, with significant revisions lower in Retail Sales for the month of January and an upbeat reading from the Empire State index.
Ahead in the day, CAD will closely follow the usual weekly report on crude stockpiles by the API, expected later in the NA session.
USD/CAD significant levels
As of writing the pair is gaining 0.67% at 1.3349 and a breakout of 1.3479 (20-day sma) would aim for 1.3683 (100-day sma) and then 1.3861 (high Feb.24). On the flip side, the immediate support aligns at 1.3259 (2016 low Mar.7) ahead of 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level).
(Market News Provided by FXstreet)
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