USD/CAD comes down to test 1.3000

The greenback remains on a firm fashion on Wednesday despite USD/CAD’s upside momentum has run out steam in the mid-1.3000s in early trade.

USD/CAD focus on data, FOMC

Spot is advancing to fresh multi-day tops above the psychological barrier at 1.3000 the figure today, propped up by increasing demand in USD amidst prevailing risk aversion.

CAD has also lost traction in response to a weaker performance of crude oil prices, with the barrel of West Texas Intermediate breaking below the $47.00 mark.

Later in the NA session, Canadian trade balance figures will precede US ADP report, trade balance results, ISM Non-manufacturing and the FOMC minutes.

USD/CAD significant levels

As of writing the pair is advancing 0.29% at 1.3020 and a break above 1.3121 (high Jun.27) would open the door to 1.3191 (high May 24) and then 1.3314 (200-day sma). On the flip side, the next support lines up at 1.2898 (20-day sma) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).