USD/CAD almost unchanged near 1.3050

The renewed offered bias around the greenback is dragging USD/CAD to the mid-1.3000s today after climbing as high as the area of 1.3080 during overnight trade.

USD/CAD attention to oil, US data

The pair is retreating for the first time today after two consecutive advances, failing once again to break above the key 1.3100 handle (Wednesday) and deflating to the current 1.3050/40 band.

A better tone in crude oil prices following a drop in inventories and a weaker USD has allowed the barrel of West Texas Intermediate to regain the $46.00 mark and beyond, lending at the same time extra support to CAD.

Later in the NA session, Initial Claims, the Philly Fed Manufacturing index, the Chicago National Activity Index and Existing Home Sales are all due in the US docket.

USD/CAD significant levels

As of writing the pair is losing 0.02% at 1.3056 and a breach of 1.2858 (low Jul.14) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23). On the flip side, the next up barrier is located at 1.3095 (high Jul.21) followed by 1.3139 (high Jul.11) and then 1.3191 (high May 24).