USD/CAD weaker, comes down to test 1.2900

The greenback has come under extra downside pressure today, relegating USD/CAD to trade in the boundaries of the key support at 1.2900 the figure.

USD/CAD cautious, looks to data, oil

Spot is retracing part of yesterday’s strong advance to the 1.2965/70 band following a softer sentiment around the greenback and ignoring at the same time another drop in crude oil prices, with the barrel of West Texas Intermediate breaking below the $47.00 mark.

Ahead in the session, New Home Sales is only expected in the US docket along with the weekly report on US crude oil stockpiles by the API, all against the backdrop of marginal volatility and cautiousness on US GDP figures and Yellen’s speech on Friday.

USD/CAD significant levels

As of writing the pair is retreating 0.30% at 1.2908 facing the next support at 1.2759 (low Aug.18) followed by 1.2674 (low Jun.23) and finally 1.2651 (low Jun.8). On the flip side, a breakout of 1.2966 (high Aug.22) would aim for 1.2998 (20-day sma) and then 1.3202 (high Aug.5).