USD/CAD through 1.3100, session highs

The Canadian dollar is now losing the grip vs. its American peer, lifting USD/CAD to fresh highs beyond 1.3100 the figure.

USD/CAD focus on oil, Fedspeak, BoC

Spot keeps alive the current positive streak, managing to regain levels above the 1.3100 handle amidst steady crude oil prices and an offered tone surrounding the greenback.

In the meantime, market participants will closely follow the developments from the OPEC meeting, where Saudi Arabia has not ruled out an increase in capacity.

Later in the session, US ADP report is next on tap, along with speeches by FOMC’s Powell, Dudley and Kaplan and BoC’s S.Poloz.

USD/CAD significant levels

As of writing the pair is up 0.28% at 1.3113 facing the next hurdle at 1.3135 (high May 31) ahead of 1.3191 (high May 24) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458). On the flip side, a breach of 1.3004 (20-day sma) would open the door to 1.2932 (55-day sma) and then 1.2912 (high May 26).