USD/CAD off highs, returns near 1.3060

After climbing as high as the 1.3080 region during overnight trade, USD/CAD has now surrendered some of those gains and it is back near 1.3060.

USD/CAD higher on oil drop, focus on Fedspeak

Spot is extending its bullish note for the fourth session in a row on Monday, as the selling pressure around crude oil prices continues to weigh on CAD.

In fact, the barrel of West Texas Intermediate is shedding more than 1% to the $45.00 neighbourhood so far today, adding to Friday’s sharp pullback.

Ahead in the session, speeches by Atlanta Fed D.Lockhart (non voter, dovish), N.Kashkari (voter in 2017) and the most dovish FOMC member L.Brainard (voter) will take centre stage along the NA session later today.

USD/CAD significant levels

As of writing the pair is gaining 0.11% at 1.3064 and a break above 1.3149 (high Sep.1) would aim to 1.3253 (high Jul.27) and finally 1.3269 (200-day sma). On the other hand, the immediate support lines up around 1.3010 (base of the 4-month rising channel and 55-day sma) followed by 1.2964 (20-day sma) and then 1.2827 (low Sep.6).