USD/CAD comes al the way down to… 1.3300?

The greenback continues to lose momentum vs. its Canadian neighbor on Tuesday, now dragging USD/CAD to the area of daily lows near 1.3320/15.

USD/CAD in 6-day lows

Spot is retreating for the fourth consecutive session so far today, shedding over a cent since last week’s tops in the mid-1.3400s.

The ongoing rally in crude oil prices seems to have lent some support to CAD despite the Fed-BoC policy divergence stays as the almost exclusive driver for the pair’s price action.

In fact, the barrel of West Texas Intermediate gained more than 13% since late March lows in the vicinity of the $47.00 mark to recent tops above the $53.00 handle.

On the US data front, the NFIB’s index and JOLTs Job Openings for the month of February are due later along with the speech by Minneapolis Fed N.Kashkari (voter, dovish). In Canada, the next big event will be tomorrow’s BoC interest rate decision.

USD/CAD significant levels

As of writing the pair is down 0.05% at 1.3319 facing the immediate support at 1.3287 (100-day sma) followed by 1.3275 (low Mar.30) and finally 1.3262 (low Mar.21). On the upside, a break above 1.3452 (high Apr.6) would aim for 1.3457 (high Apr.4) and then 1.3496 (high Mar.14).