USD/CAD sidelined near 1.3020, focus on oil, data

The greenback is trading almost unchanged vs. its Canadian neighbor at the end of the week, with USD/CAD hovering over the 1.3020 region.

USD/CAD attention to data, oil

Spot is struggling to find direction today after three consecutive pullbacks from recent tops in the mid-1.3100s.

The recent rebound of crude oil prices saw the barrel of West Texas Intermediate bounce off fresh 4-month lows in sub-$40.00 levels to Thursday’s peak just above the $42.00 mark, lending support to CAD.

Later in the NA session, the pair will take centre stage in light of the releases of labour market figures in both Canada and the US, along with Trade Balance results and the Canadian PMI tracked by Ivey.

USD/CAD significant levels

As of writing the pair is down 0.02% at 1.3020 and a break below 1.2993 (low Aug.4) would open the door to 1.2983 (55-day sma) and finally 1.2857 (low Jul.15). On the other hand, the initial hurdle lines up at 1.3253 (high Jul.27) followed by 1.3313 (200-day sma) and then 1.3575 (50% Fibo of the 2016 down move).