USD/CAD testing lows near 1.3150, EIA eyed

After climbing as high as the vicinity of 1.3200 the figure on Tuesday, USD/CAD has now surrendered some gains and is testing the mid-1.13100s.

USD/CAD attention to oil

The pair keeps the trade in multi-week tops in spite of the ongoing correction in the buck, with some mild recovery in crude oil prices lending support to CAD at the end of the Asian session.

In fact, the West Texas Intermediate is gaining smalls and trading just above the $45.00 mark per barrel ahead of the key EIA’s weekly report on crude oil inventories. Recall that late Tuesday the API reported a 1.4 million barrels build-up during last week, less than previously estimated.

On the data front, a very light docket in the US economy will only see Export/Import Prices for the month of August.

USD/CAD significant levels

As of writing the pair is losing 0.18% at 1.3149 and a break below 1.3012/14 (base of the 4-month rising channel and 55-day sma) would aim for 1.2984 (20-day sma) and then 1.2827 (low Sep.6). On the flip side, the next up barrier aligns at 1.3191 (high Sep.13) followed by 1.3253 (high Jul.27) and finally 1.3267 (200-day sma).