USD/CAD retreats below 1.3000 from 9-week highs
- USD/CAD losses bullish momentum after hitting highest since March.
Pair holds positive tone amid stronger US Dollar and lower crude oil prices.
The USD/CAD climbed to 1.3021, reaching the highest level since March 21 and then pulled back modestly. As of writing was hovering slightly below 1.3000, on its way to the fifth daily gain in a row.
The pair moved most of the day in a range, consolidating last week gains and after the beginning of the US session broke to the upside. During the last hours pulled back modestly.
The positive tone around the greenback remains intact, today supported by risk aversion. Also, crude oil prices weigh on the Loonie. The WTI was trading at $66.50, 8.5% below the level it had a week ago.
Today is a holiday in the US. Ahead, the next key event for the pair will be on Wednesday with the Bank of Canada meeting and US GDP data. On Friday, the NFP report is due.
USD/CAD Technical levels
In the short-term, support levels might be seen at 1.2995, 1.2955 (May 28 low) and 1.2920. On the upside, resistance could be located at 1.3020 (May 28 high), 1.3050/55 and 1.3085.”