USD/CAD off highs, back to test 1.31

After climbing to fresh highs at 1.3115 in overnight trade, USD/CAD has now given away some gains and is back to the 1.3100 neighbourhood.

USD/CAD focus on data, oil

The pair is extending its rally today, advancing since last Friday and managing to retake the key barrier at 1.3100 the figure, although losing some upside momentum afterwards.

Another day of poor performance from crude oil prices has added selling pressure to CAD, with the barrel of West Texas Intermediate hovering over the mid-$44.00s, just off session lows.

Ahead in the NA session, CAD will be under pressure in light of the release of inflation figures for the month of June and May’s Retail Sales.

USD/CAD significant levels

As of writing the pair is advancing 0.18% at 1.3110 facing the initial hurdle at 1.3140 (high Jul.11) ahead of 1.3191 (high May 24) and then 1.3312 (38.2% Fibo of the 2016 down move). On the other hand, a breach of 1.2858 (low Jul.14) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).