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USD/CAD recovers 1.30 and beyond

FXStreet (Edinburgh) - The Canadian dollar is now giving away part of the initial gains vs. its American neighbour, pushing USD/CAD to the 1.3020/25 band.

USD/CAD rebounds from lows on EIA

After dropping to fresh lows in the vicinity of 1.2970, spot has managed to gather traction and retakes levels above 1.30 the figure after the EIA’s weekly report showed crude oil inventories have increased by almost 3.1 million barrels during last week, more than initially anticipated.

The pair has been falling uninterruptedly since recent fresh cycle highs in the mid-1.3400s recorded in late September, as the Canadian dollar has derived support from a strong recovery in crude oil prices and a favourable US-CAD 2-year spread.

USD/CAD levels to consider

As of writing, the pair is losing 0.18% at 1.3013 and a breach of 1.2971 (100-d sma) would aim for 1.2952 (low Aug.12) and then 1.2861 (low Jul.29). On the other hand, the initial hurdle aligns at 1.3134 (high Oct.6) followed by 1.3199 (55-d sma) and finally 1.3310 (high Oct.1).

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