USD/CAD – comatose above 1.30 amid losses in oil

Oil price weakness in Asia is doing little to help the CAD, leaving the USD/CAD dead flat above 1.30 handle.

Hovers around 1.3045

At the time of writing, the pair was trading around 1.3045 levels. Prices clocked a high of 1.3066 after oil prices at both the sides of the Atlantic fell in early Asia on oversupply concerns. Moreover, bullish comments from Saudi oil minister received little attention.

Data released on Friday showed a stellar jobs growth in the US. Meanwhile, Canada job market stayed flat in June as unemployment rate fell to 6.8%. Consequently, the pair jumped to a high of 1.3019 on Friday before trimming gains to end the day at 1.3044 levels.

The US and Canada data docket is empty today. Hence, the pair is at the mercy of the overall demand for the US dollars and action in the oil benchmarks.

USD/CAD Technical Levels

The immediate hurdle is noted at 1.3092 (Friday’s high), above which the pair could target 1.3121 (June 27 high). A violation there would expose 1.3189 (May 24 high). On the other hand, a breakdown of support at 1.3004 (100-DMA) could yield 1.2935 (50-DMA) – 1.29 (zero figure).