USD/CAD clings to gains above 1.2900

The Canadian dollar remains on the defensive vs. its American neighbor today, with USD/CAD now easing from highs and returning to the 1.2925/20 band.

USD/CAD attention to US docket, oil

Spot keeps its rally well and sound today, advancing since last Thursday and so far managing to keep the trade above the 1.2900 handle.

Declining oil prices have been the exclusive driver behind CAD weakness, offsetting the renewed offered bias around the dollar in the wake of a cautious FOMC at its meeting yesterday.

Ahead in the NA session, US May CPI figures are due, seconded by the usual report on the labour market and the Philly Fed manufacturing survey.

USD/CAD significant levels

As of writing the pair is up 0.19% at 1.2932 facing the next hurdle at 1.3000 (psychological level) followed by 1.3145 (high May 30) and finally 1.2985 (23.6% Fibo of 1.4692-1.2458) and finally 1.3191 (high May 24).