USD/CAD leaps to highs beyond 1.3100

The greenback is now trading on a firmer note vs. its Canadian peer on Monday, lifting USD/CAD to fresh multi-week tops around 1.3120.

USD/CAD up on USD buying, oil drops

CAD is now gaining further downside momentum after the barrel of West Texas Intermediate eroded earlier gains and moved back to levels just above the $45.00 mark, all helping spot to trade at shouting distance from June’s tops near 1.3150.

In addition, the buying sentiment around the buck remains well and sound as market participants continue to adjust to the recent better-than-expected Payrolls during June.

USD/CAD significant levels

As of writing the pair is gaining 0.61% at 1.3123 facing the next up barrier at 1.3191 (high May 24) followed by 1.3312 (200-day sma) and then 1.3575 (50% Fibo of the 2016 down move). On the flip side, a breach of 1.2994 (100-day sma) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).