USD/CAD clinches highs above 1.3100

The greenback is now picking up extra pace vs. its Canadian peer on Tuesday, lifting USD/CAD to daily tops above the 1.3100 barrier.

USD/CAD lower, oil tumbles

CAD has come under renewed selling pressure as the decline in crude oil prices has accelerated, sending the barrel of West Texas Intermediate to fresh lows in the $45.00 neighbourhood so far today.

Spot has regained the 1.3100 handle and has now opened the door for a test of Monday’s top near 1.3130 ahead of 1.3149, high September 1.

Ahead in the session, the weekly report on US stockpiles by the API is due later in the NA session, while NFIB’s Optimism index is only due in the US data space.

USD/CAD significant levels

As of writing the pair is gaining 0.41% at 1.3094 and a break above 1.3149 (high Sep.1) would aim to 1.3253 (high Jul.27) and finally 1.3266 (200-day sma). On the other hand, the immediate support lines up around 1.3010 (55-day sma) followed by 1.2973 (20-day sma) and then 1.2827 (low Sep.6).