USD/CAD losing the grip, breaks below 1.3000

The better tone in the risk-associated space is now dragging USD/CAD to test fresh lows in sub-1.3000 levels.

USD/CAD weaker on USD-selling, oil

Market sentiment towards the riskier assets seems to have improved somewhat today as investors look to shrug off, at least in part, the effects from the recent ‘Brexit’ vote.

In addition, the current recovery of crude oil prices prompted the West Texas Intermediate to regain the $47.00 mark and beyond per barrel, sustaining the buying interest around CAD.

On the data front, another revision of US GDP is due later, seconded by PCE during the first quarter, the S&P/Case-Shiller index and Consumer Confidence tracked by the Conference Board.

USD/CAD significant levels

As of writing the pair is losing 0.53% at 1.3002 facing the next support at 1.2880 (20-day sma) followed by 1.2867 (55-day sma) and then 1.2674 (low Jun.23). On the other hand, a surpass of 1.3121 (high Jun.27) would aim for 1.3191 (high May 24) and finally 1.3325 (200-day sma).