USD/CAD keeps highs near 1.2940

The better tone in the greenback has pushed USD/CAD to the upper band of the range near 1.2940.

USD/CAD focus on oil, US data

Auspicious results from the US docket on Tuesday plus hawkish comments from FOMC’s Lockhart and Williams have lent extra support to the US dollar, which seems to have resumed last week’s rally.

On the CAD side, the barrel of West Texas Intermediate is now attempting a consolidative pattern albeit it keeps the area of 2016 highs above the $48.00 mark.

Data wise in the US, the FOMC minutes will grab all the attention later in the NA session, seconded by the weekly report on crude inventories by the EIA.

USD/CAD significant levels 

As of writing the pair is advancing 0.25% at 1.2940 and a breakout of 1.2968 (55-day sma) would open the door to 1.3015 (high May 9) and then 1.3219 (high Apr.5). On the other hand, the immediate support aligns at 1.2776 (20-day sma) followed by 1.2768 (low May 12) and finally 1.2461 (2016 low May 3).