USD/CAD off highs, retreats to 1.2930

A better tone in crude oil prices has forced USD/CAD to abandon the area of earlier tops and return to the 1.2930 region.

USD/CAD eyes on oil, US releases

CAD is trading on a firm note so far today as the barrel of West Texas Intermediate met buying pressure at the beginning of the week, currently advancing more than 1% just below the $47.00 mark. 

At the same time, the greenback remains unable to gather further traction and extend the recent rally, collaborating with the pair’s down move ahead of the opening bell in Europe.

On the data front, US NAHB index is due later seconded by the NY Empire State index and TIC Flows.

USD/CAD significant levels 

As of writing the pair is down 0.09% at 1.2929 and a breakdown of 1.2768 (low May 12) would open the door to 1.2461 (2016 low May 3) and finally 1.2124 (monthly low Jun.24 2015). On the flip side, the next hurdle lines up at 1.2978 (55-day sma) followed by 1.3015 (high May 9) and then 1.3219 (high Apr.5).