USD/CAD firmer, closer to 1.3060

The greenback is prolonging its upbeat momentum today, now taking USD/CAD to test the area of 1.3060.

USD/CAD focus on data, oil

The pair is advancing for the third session in a row today, extending the rebound from last week’s troughs in the 1.2820 area amidst a renewed bid tone around the greenback and softer crude oil prices.

Ahead in the session, the Fed’s Labor Market Conditions Index is only due in the US docket ahead of the speech by KC Fed’s E.George (voter, hawk). In the Canadian docket, Housing Starts is expected at 189.5K in June, up from May’s 188.6K.

According to the latest CFTC positioning report, CAD speculative net longs hit 3-week highs during the week ended on July 5.

USD/CAD significant levels

As of writing the pair is gaining 0.08% at 1.3053 facing the next up barrier at 1.3091 (high Jul8) ahead of 1.3121 (high Jun.27) and then 1.3191 (high May 24). On the flip side, a breach of 1.2994 (100-day sma) would aim for 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).