USD/CAD pushes higher to 1.2840, US data eyed

The greenback has trimmed part of its earlier losses vs. its Canadian peer on Tuesday, with USD/CAD now hovering over 1.2835/40.

USD/CAD focus on US data, oil

The pair has managed to bounce off the area of overnight lows near 1.2820 and it is now looking to add to yesterday’s gains backed by a continuation of the risk-off environment and now softer crude oil prices, with the barrel of West Texas Intermediate meandering in the low-$48.00s.

Later in the NA session, USD will be in the limelight with the publication of May’s Retail Sales seconded by the weekly report on crude stockpiles by the API.

USD/CAD significant levels

As of writing the pair is down 0.04% at 1.2833 facing the next support at 1.2655 (low Jun.8) ahead of 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the flip side, a breakout of 1.2877 (55-day sma) ahead of 1.2940 (20-day sma) and finally 1.3145 (high May 30).