USD/CAD upside faltered near 1.3050, US data eyed

USD/CAD has receded to the current 1.3040 area after the upside momentum run out of steam in the mid-1.3000s.

USD/CAD attention to US data, API

The pair is posting its third consecutive session with gains today, extending the rebound from last Friday’s lows in the 1.2830 area, always against the backdrop of a broad-based buying interest surrounding the buck.

In addition, and limiting the upside, the barrel of West Texas Intermediate is recovering part of the ground lost in past sessions, hovering over the $47.30 area and lending some support to CAD.

Next on tap in the US docket will be the S&P/Case-Shiller index and Conference Board’s Consumer Confidence for the month of August, followed by the weekly report on US crude stockpiles by the API. In Canada, Current Account figures during the second quarter will be in the limelight.

USD/CAD significant levels

As of writing the pair is gaining 0.18% at 1.3036 and a break above 1.3202 (high Aug.5) would aim for 1.3253 (high Jul.27) and the 1.3288 (200-day sma). On the other hand, the next support lines up at 1.2968 (base of the 4-month rising channel) followed by 1.2929 (100-day sma) and then 1.2828 (low Aug.26).