USD/CAD through 1.3200, session highs

The Canadian dollar is now depreciating further vs. its American neighbour, lifting USD/CAD to fresh tops above the 1.3200 handle.

USD/CAD higher on oil drop

Spot gained further upside traction following another drop of crude oil prices, with the barrel of West Texas Intermediate falling to the mid-$43.00s, or fresh 2-month lows.

In the meantime, the pair is advancing for the seventh consecutive session so far, challenging 4-month tops above the 1.3200 key barrier in spite of the selling pressure around the US dollar.

Further data from the latest CFTC report showed CAD speculative net longs at 7-week tops during the week ended on July 19.

USD/CAD significant levels

As of writing the pair is advancing 0.57% at 1.3203 facing the initial hurdle at 1.3219 (high Apr.5) ahead of 1.3298 (high Mar.24) and then 1.3312 (38.2% Fibo of the 2016 down move). On the other hand, a breach of 1.3009 (20-day sma) would open the door to 1.2858 (low Jul.14) and finally 1.2827 (low Jul.4).