USD/CAD bounces off 1.3150, focus on oil

The upside tone around the greenback has ebbed a tad on Tuesday, allowing USD/CAD to briefly test session lows in the mid-1.3100s.

USD/CAD attention to oil-dynamics, data

The pair is posting marginal gains so far today and remains on track to recover part of the ground lost at the beginning of the week following a strong rebound in crude oil prices.

On the data front, the Canadian housing sector will be in the limelight once again, with the release of July’s Housing Starts. In the US calendar, Unit Labor Costs and Non-farm Productivity during Q2 are due followed by the Economic Optimism index gauged IBD/TIPP.

USD/CAD significant levels

As of writing the pair is up 0.08% at 1.3167 and a break above 1.3253 (high Jul.27) would open the door to 1.3315 (200-day sma) and then 1.3575 (50% Fibo of the 2016 down move). On the flip side, the next support lines up at 1.3093 (20-day sma) ahead of 1.2993 (low Aug.4) and finally 1.2950 (100-day sma).