USD/CAD offered in the mid-1.3000s, EIA eyed

The greenback is extending its selling bias today, now dragging USD/CAD to daily lows in the 1.3050/40 band.

USD/CAD lower on USD selling, focus on EIA

The pair is retreating for the third consecutive session so far today, coming down from recent tops in the 1.3200 neighbourhood in response to dwindling sentiment around the greenback, as the upbeat momentum post-Payrolls continues to fizzle out.

In the meantime, the current weakness around USD keep offsetting the offered bias in crude oil prices, with the barrel of West Texas Intermediate is shedding more than 1% to the $42.20 region.

Next on tap will be the EIA’s weekly report on crude oil inventories along with the OPEC monthly report.

USD/CAD significant levels

As of writing the pair is down 0.66% at 1.3032 facing the next support at 1.2993 (low Aug.4) followed by 1.2948 (100-day sma) and then 1.2887 (base of the 3-month rising channel). On the flip side, a break above 1.3202 (high Aug.5) would aim for 1.3253 (high Jul.27) and finally 1.3314 (200-day sma).