USD/CAD firmer near 1.3240 ahead of US docket

The greenback is now extending its daily rebound, sending USD/CAD to print fresh 4-month peaks in the vicinity of 1.3240.

USD/CAD focus on US data, oil

CAD remains under pressure today following the persistent weakness in crude oil prices, with the West Texas Intermediate meandering 3-month lows in sub-$43.00 levels per barrel.

In addition, USD will take centre stage later in the NA session in light of the release of the S&P/Case-Shiller index, Services PMI gauged by Markit, New Home Sales and CB’s Consumer Confidence.

USD/CAD significant levels

As of writing the pair is gaining 0.12% at 1.3234 and a breakout of 1.3241 (high Jul.25) would target 1.3311 (38.2% Fibo of the 2016 down move) en route to 1.3575 (50% Fibo of the 2016 down move). On the other hand, the next support lines up at 1.2858 (low Jul.14) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).