USD/CAD looking to regain 1.2800

The Canadian dollar is now giving away part of the initial gains vs. its American neighbor, taking USD/CAD to the vicinity of 1.2800 the figure.

USD/CAD supported around 1.2780

Spot is meandering the area of weekly lows around the 1.2800 handle against the backdrop of a persistent offered bias in the greenback.

The recent recovery of crude oil prices has prompted the barrel of West Texas Intermediate to retake the psychological $50.00 mark, lending extra legs to CAD and sustaining the down move.

Ahead in the session, Canadian Retail Sales will precede US Existing Home Sales and the EIA’s weekly report on crude oil inventories. In addition, Chair J.Yellen is due to give her second testimony to Congress.

USD/CAD significant levels

As of writing the pair is losing 0.16% at 1.2796 facing the next support at 1.2651 (low Jun.8) followed by 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the other hand, a surpass of 1.3086 (high Jun.16) would aim for 1.3145 (high May 30) and finally 1.3191 (high May 24).