USD/CAD jumps to 1-week highs above 1.3100

• Loonie among worst performer across the board on lower crude oil and data. 
• Canada: wholesales sales dropped unexpectedly in May, after five months of gains. 

The USD/CAD pair broke above 1.3100 and climbed to 1.3117, reaching the highest level since July 10. As of writing the pair was trading near the top, with the bullish momentum intact. 

Weaker-than-expected Canadian data, a retreat in crude oil prices and a modestly stronger US dollar boosted the pair. Wholesale sales fell in May 1.8%, the worst month in years, against expectations of a 0.5% gain. The WTI barrel is flat today after retreating from near $57.00, back below $56.00. 

Regarding the greenback, it is up against majors and posting mix results against commodity current, but since the beginning of the American session strengthened. The DXY was up 0.10%, rising of the second-day in-a-row. Still, price action was limited on Monday so far. 

Levels to watch 

If the pair rises further, the next strong resistance is seen at 1.3145 (July 7 high), then 1.3185 and 1.3200.  On the downside, now support levels might be located at 1.3065, followed by 1.3040 and the key barrier at 1.3015/20 (July lows). 

More levels