USD/CAD retreats from highs, back near 1.3150

After reaching the 1.3175/80 band during overnight trade, USD/CAD has now lost some upside momentum and has returned to the mid-1.3100s.

USD/CAD attention to data, Fedspeak

The pair is recovering part of Friday’s pullback to the 1.3100 neighbourhood, reverting at the same time two consecutive sessions with losses after clinching fresh tops beyond 1.3300 the figure during last week.

A softer tone in crude oil prices is weighing on CAD at the beginning of the week, although the barrel of West Texas Intermediate is so far managing well to stick to the key $50.00 mark after driller Baker Hughes reported on Friday US oil rigs have increased by 4 to 432.

Ahead in the session, NY Empire State manufacturing gauge is due ahead of Industrial Production and Capacity Utilization during September. In addition, FOMC’s VP S.Fischer is due to speak.

USD/CAD significant levels

As of writing the pair is advancing 0.14% at 1.3159 facing the next hurdle at 1.3314 (high Oct.7) followed by 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breach of 1.3101 (low Oct.14) would open the door to 1.3074 (55-day sma) and then 1.3026 (100-day sma).