USD/CAD slumps to 1.3020 on USD selling

The Canadian dollar has accelerated its gains vs. the greenback today, with USD/CAD quickly falling to the 1.3020 area.

USD/CAD comes down from 1.3140

Spot shed over a big figure since overnight tops around 1.3140 to a brief test of the 1.3020 area earlier in the session, all against the backdrop of increasing selling pressure around the US Dollar.

CAD is also deriving support from the current recovery in crude oil prices, with the barrel of West Texas Intermediate hovering over the mid-$45.00s after yesterday’s dip to 2-month lows in the $44.40 area.

USD/CAD significant levels

As of writing the pair is retreating 0.55% at 1.3047 facing the next support at 1.2989 (100-day sma) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23). On the other hand, a break above 1.3139 (high Jul.11) would aim for 1.3191 (high May 24) and then 1.3312 (38.2% Fibo of the 2016 down move).