USD/CAD tumbles below 1.2900, Yellen eyed

The selling pressure has now resumed around the greenback, sending USD/CAD to trade in daily lows in sub-1.2900 levels.

USD/CAD weaker ahead of Yellen

A now softer note in the US dollar is collaborating with the daily downside, which has been boosted by an upbeat mood in crude oil prices. In fact, the barrel of West Texas Intermediate is up more than 2% and approaches the psychological $50.00 mark as fears of disruption in Nigeria continue to weigh.

Ahead in the session, Chairwoman J.Yellen’s speech will grab all the attention. Previously, the Fed’s Labor Market Conditions Index dropped to -4.8 vs. -0.8 expected and previous -3.4.

USD/CAD significant levels

As of writing the pair is down 0.70% at 1.2843 facing the next support at 1.2768 (low May 12) followed by 1.2590 (low Apr.20) and finally 1.2458 (2016 low May 3). On the flip side, a breakout of 1.3001 (20-day sma) would aim for 1.3145 (high May 30) and then 1.3191 (high May 24).