USD/CAD turns negative below 1.3000

The Canadian dollar has now reverted the initial negative note vs. its American neighbour, with USD/CAD sinking below the 1.3000 handle.

USD/CAD attention to oil, data

The selling pressure around the dollar is picking up pace during the European afternoon, prompting spot to once again trade in sub-1.3000 levels, or session lows.

In the meantime, the barrel of WTI is looking to consolidate yesterday’s sell off to levels below the $47.00 mark, posting marginal losses for the time being.

Later in the NA session, the ADP Employment report is expected to come in at 160K for the month of June. Further data will see trade balance figures,  ISM Non-manufacturing and the FOMC minutes.

USD/CAD significant levels

As of writing the pair is losing 0.02% at 1.2980 facing the next support at 1.2898 (20-day sma) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23). On the other hand, a break above 1.3121 (high Jun.27) would open the door to 1.3191 (high May 24) and then 1.3314 (200-day sma).