USD/CAD around session lows near 1.2910

The greenback remains on the defensive during the second half of the week, now dragging USD/CAD to the area of daily lows in the 1.2915/10 band.

USD/CAD attention to oil, data

The pair is posting moderate losses after two consecutive advances on Friday, all against the backdrop of a weaker US dollar and a small pullback in crude oil prices.

The West Texas Intermediate is losing smalls around the $47.20 area ahead of the European open, retracing yesterday’s spike to the vicinity of the $48.00 mark per barrel following a 4-session positive streak.

CAD will take centre stage later in the NA session, as key labour market figures are due for release. In the US docket, speeches by Boston Fed E.Rosengren (voter, dovish) and Dallas Fed R.Kaplan (non voter) are expected along the weekly report on US drilling activity by Baker Hughes.

USD/CAD significant levels

As of writing the pair is losing 0.12% at 1.2919 and a break below 1.2827 (low Sep.6) would expose 1.2759 (low Aug.18) and finally 1.2674 (low Jun.123). On the upside, the initial hurdle lines up at 1.2941 (20-day sma) followed by 1.3002 (base of the 4-month rising channel) and then 1.3149 (high Sep.1).