USD/CAD losing height on oil rally, nears 1.30

The bid tone around CAD strengthened on oil rally, pushing USD/CAD pair lower to near 1.30 levels in Asia.

Eyes confluence of Fibo support

The pair appears on track to test the confluence of 23.6% of 1.4690-1.2461 (1.2987) and 61.8% of 1.1920-1.4690 (1.2978). WTI Oil and Brent Oil advanced more than 1% as strike in Norway threatened to cut output in Western Europe's biggest producer.

Consequently, USD/CAD pair turned lower from the Asian session high of 1.3086 to trade around 1.3013 at the time of writing. The pair remains at the mercy of the oil prices and demand for the safe haven treasuries on (if) Brexit driven risk-off persists today.

USD/CAD Technical Levels

A cut through psychological figure of 1.30 would expose confluence of Fibo support - 23.6% of 1.4690-1.2461 (1.2987) and 61.8% of 1.1920-1.4690 (1.2978). A break lower could yield 1.29. On the other hand, a break above 1.3086 (Asian session high), would open doors for 1.3144 (June 2 high) and 1.32 levels.