USD/CAD keeps the narrow range near 1.3100

The greenback is trading almost unchanged vs. its Canadian neighbor on Thursday, with USD/CAD navigating a tight range between 1.3100 and 1.3120 so far.

USD/CAD focus on data

Spot is struggling to extend its positive streak for the fifth session today, returning to the 1.3100 neighbourhood after yesterday’s fresh peak in the proximity of 1.3150.

A softer tone in crude oil prices in combination with the ongoing USD rally has been sustaining the pair’s bounce off last week’s lows near 1.2830. In fact, the barrel of West Texas Intermediate is recovering the smile so far today, back near the $45.00 mark after three consecutive pullbacks.

Later in the NA session, US ISM Manufacturing and Markit’s PMI will keep the attention on the buck, while RBC’s Manufacturing PMI is only due in Canada.

USD/CAD significant levels

As of writing the pair is gaining 0.01% at 1.3109 and a break above 1.3202 (high Aug.5) would aim for 1.3253 (high Jul.27) and the 1.3286 (200-day sma). On the other hand, the next support lines up at 1.2998 (55-day sma) ahead of 1.2961 (base of the 4-month rising channel) and finally 1.2828 (low Aug.26).