USD/CAD trims early losses, climbs back above 1.3000

USD/CAD bounced from daily lows and trimmed early losses despite an advance in oil prices seen Tuesday ahead of the API inventories data.

Commodities and currencies linked to them staged recoveries during the Asian session, but the loonie failed to hold ground. USD/CAD turned higher after bottoming out at 1.2965 and climbed roughly 100 pips over the last hours. At time of writing, the pair is trading at 1.3047, still 0.21% below its opening price.

An upward revision to US GDP, up to 1.1% from 0.8% previously estimated for the Q1, did little to move markets that remain focused on Brexit and its consequences.

USD/CAD levels to consider

USD/CAD failed to consolidate above the 100-day SMA that currently stands at 1.3077 and is the immediate resistance to overcome, followed by 1.3119 (Jun 27 high) and 1.3143 (Jun 2 high). On the other hand, supports could be found at 1.2965 (Jun 28 low), 1.2870 (50-day SMA) and 1.2710 (Jun 24 low).