USD/CAD Finds Support Near 1.3100
After a brief knee-jerk to the 1.3100 handle, USD/CAD has rebounded to the current 1.3110/20 area ahead of the opening bell in the Old Continent.
USD/CAD eyes on oil, Fedspeak
Spot is meandering the area of recent multi-week tops above 1.3100 the figure, posting marginal losses amidst a softer tone in crude oil prices and sellers pushing the greenback to the red territory so far.
It will be a light start of the week data wise, with Fedspeak expected to grab all the attention – Bullard and Williams later today – and the BoC interest rate decision on Wednesday.
USD/CAD significant levels
As of writing the pair is losing 0.06% at 1.3107 and a breakdown of 1.2986 (23.6% Fibo of 1.4692-1.2458) would expose 1.2952 (55-day sma) and finally 1.2869 (20-day sma). On the other hand, the initial up barrier lines up at 1.3155 (high May 19) followed by 1.3219 (high Apr.5) and then 1.3312 (38.2% Fibo of 1.4692-1.2458).