- The pair found dip buyers in the 1.3220/10 band.
- Canadian GDP figures for the month of April coming up next.
- US PCE, Personal Income/Spending next on tap in the docket.
The greenback managed to revert the initial negative bias vs. its Canadian peer and is now helping USD/CAD to trim losses and regain the mid-1.3200s ahead of the publication of key data.
USD/CAD looks to data, oil
Spot is losing ground for the second session in a row against the backdrop of rising crude oil prices and the renewed selling bias around the greenback.
In fact, prices of the West Texas Intermediate remain in the area of multi-year peaks around the $73.00 mark per barrel, lending extra support to CAD and dragging spot to multi-day lows.
In addition, USD appears under extra pressure after President Trump hinted at the likeliness that the country could withdraw from the WTO, offering some additional support to the commodity complex.
Later in the NA session, US Personal Income/Spending and PCE figures will be in centre stage along with Canadian GDP figures for the month of April.
USD/CAD significant levels
As of writing the pair is up 0.01% at 1.33325019 facing the next hurdle at 1.3282 (10-day sma) seconded by 1.3387 (2018 high Jun.27) and finally 1.3423 (78.6%% Fibo of the 2017 drop). On the flip side, a breach of 1.3211 (low Jun.29) would aim for 1.3133 (21-day sma) and then 1.3132 (61.8% Fibo of the 2017 drop).
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