USD/CAD through 1.30 on oil weakness

The persistent selling bias in crude oil prices keep weighing on CAD and is currently helping USD/CAD to test the 1.30 neighbourhood.

USD/CAD up as oil deflates further

The selling pressure in CAD has gathered extra traction today in response to a drop of more than 2% in the barrel of West Texas Intermediate, which is now falling to the $47.60/70 region after climbing as high as the $46.80 area earlier in the day.

Collaborating with the upside, the greenback keeps its steady tone as market participants continue to digest last Friday’s strong results from US Retail Sales.

In the data space, Canadian Foreign Securities Purchases dropped to $14.73 billion in May from April’s $15.52 billion, while US NAHB index missed estimates at 59 for the current month.

USD/CAD significant levels

As of writing the pair is advancing 0.31% at 1.3011 facing the next hurdle at 1.3139 (high Jul.11) ahead of 1.3191 (high May 24) and then 1.3312 (38.2% Fibo of the 2016 down move). On the other hand, a breach of 1.2858 (low Jul.14) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).