USD/CAD flirting with lows around 1.2920

The greenback is trading on the defensive at the end of the Asian session, now sending USD/CAD to test the area of daily lows in the 1.2920/15 band.

USD/CAD looks to US data

The pair is posting marginal losses on Thursday following a directionless pattern in the global markets, with traders on a cautious mood as the Jackson Hole Symposium kicks in today.

Adding to the small downside, CAD is deriving support from the recovery in crude oil prices after yesterday’s pullback following an unexpected build up in stockpiles, as reported by the EIA.

Later in the NA session, US Initial Claims, Durable Goods Orders and Markit’s Services PMI are all due.

USD/CAD significant levels

As of writing the pair is retreating 0.04% at 1.2919 facing the next support at 1.2759 (low Aug.18) followed by 1.2674 (low Jun.23) and finally 1.2651 (low Jun.8). On the other hand, a break above 1.2966 (high Aug.22) would aim for 1.2988 (20-day sma) and then 1.3202 (high Aug.5).