USD/CAD sidelined near 1.3030, looks to EIA

The rally in the greenback seems to be taking a breather today, with USD/CAD meandering the low-1.3000s ahead of key oil data.

USD/CAD focus on oil

The pair is posting meagre gains in the 1.3020/30 band today, navigating a tight range amidst a broad-based consolidative theme in the global markets and with crude oil prices recovering ground after yesterdays pullback.

Absent data releases in Canada and the US, the usual risk appetite trends and crude oil dynamics remain the exclusive drivers for the pair ahead of the EIA’s weekly report on crude inventories due later in the NA session.

USD/CAD significant levels

As of writing the pair is advancing 0.02% at 1.3026 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).