USD/CAD off highs, back near 1.3230 ahead of data

After clinching fresh tops around 1.3250 during overnight trade, USD/CAD has now surrendered some pips and returned to the 1.3230/25 band.

USD/CAD attention to data

Spot advanced to fresh tops on Thursday following a strong pick up in the demand for the greenback in the wake of the ECB meeting.

Additionally, CAD met extra downside pressure after the barrel of West Texas Intermediate dropped to the $50.20 region after printing fresh yearly peaks just below the $52.00 mark. The softer note in crude oil prices persists so far today, adding to CAD weakness.

Later in the NA session, Canadian inflation figures tracked by the CPI and Retail Sales will keep the attention on CAD. Market consensus expects consumer prices to have risen at an annualized 1.5% during September.

USD/CAD significant levels

As of writing the pair is up 0.11% at 1.3239 with the next hurdle at 1.3314 (high Oct.7) ahead of 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breakdown of 1.3050 (low Oct.18) would open the door to 1.3030 (100-day sma) and then 1.2996 (low Sep.22).