USD/CAD retreats to the mid-1.3300s, oil recovers

The Canadian dollar is now picking up pace vs. the greenback, with USD/CAD losing ground to the 1.3350 area ahead of US docket.

USD/CAD focus on data

Spot is retreating for the first time after two consecutive advances, including a test of fresh multi-month tops in the boundaries of 1.3400 the figure seen on Tuesday.

The offered bias persists around the greenback so far this week and keeps weighing on spot today, while the small recovery in crude oil prices continue to lend extra support to CAD, adding to the downside.

On the US data front, Initial Claims are due along with Durable Goods Orders and Pending Home Sales ahead of tomorrow’s more relevant flash GDP figures for the third quarter.

USD/CAD significant levels

As of writing the pair is losing 0.19% at 1.3355 facing the next support at 1.3224 (20-day sma) ahead of 1.3138 (200-day sma) and then 1.3002 (low Oct.19). On the other hand, a breakout of 1.3398 (high Oct.24) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop).