USD/CAD around 1.2960 ahead of Yellen

The greenback is trading on a firm fashion vs. its Canadian peer on Monday, with USD/CAD currently hovering over the mid-1.2900s.

USD/CAD focus on Yellen, oil

Spot is putting further distance from post-Payrolls lows in the 1.2900 neighbourhood last Friday, posting gains in the 1.2960 area amidst renewed bid tone around USD.

In the meantime, CAD keeps ignoring today’s better tone in crude oil prices, with the barrel of West Texas Intermediate up nearly 1% above the $49.00 mark. Ahead in the session, USD will take centre stage in light of the speech by Chair Yellen later in the NA session. On the data front, the Fed’s Labor Market Conditions Index is also expected.

USD/CAD significant levels

As of writing the pair is up 0.19% at 1.2959 facing the next hurdle at 1.3006 (20-day sma) followed by 1.3145 (high May 30) and finally 1.3191 (high May 24). On the other hand, a breach of 1.2911 (post-NFP low Jun.3) would aim for 1.2768 (low May 12) and then 1.2590 (low Apr.20).