USD/CAD dips to lows near 1.3150, US data on sight

The Canadian dollar has regained extra pace late in the European afternoon, with USD/CAD retreating to lows in the vicinity of 1.3150.

USD/CAD attention to data

The pair has come under renewed selling pressure after the buying interest in crude oil prices lent extra support to CAD. In fact, the barrel of West Texas Intermediate is up around 1% to test the boundaries of the $51.00 mark, reverting the initial negative tone.

Later in the NA session, September’s US Retail Sales and Producer Prices are due followed by the flash measure of the Consumer Sentiment tracked by the Reuters/Michigan Index.

Furthermore, Boston Fed E.Rosengren (voter, dovish) and Chair J.Yellen are due to speak at the Boston Fed Conference. Previously, in an interview on CNBC, E.Rosengren said the economy is closer to ‘full employment’, adding that waiting longer may prompt the Fed to tighten faster.

USD/CAD significant levels

As of writing the pair is retreating 0.16% at 1.3171 and a breach of 1.3179 (20-day sma) would open the door to 1.3135 (low Oct.10) and then 1.3074 (55-day sma). On the other hand, the next hurdle aligns at 1.3314 (high Oct.7) followed by 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop).


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