USD/CAD unchanged around 1.3070, focus on oil

The greenback is posting marginal gains vs. its Canadian peer on Thursday, taking USD/CAD to the 1.3070 area while keeping an eye on crude oil dynamics.

USD/CAD supported around 1.3000

Spot is looking to revert two consecutive sessions with losses, amidst a better tone in the US dollar and a tepid recovery of crude oil prices, with the barrel of WTI retaking the $41.00 mark after dropping to fresh 4-month lows in sub-$40.00 levels on Wednesday.

Ahead in the session, the cautious tone is poised to prevail in light of the critical BoE meeting and tomorrow’s labour market figures in US and Canada.

USD/CAD significant levels

As of writing the pair is up 0.02% at 1.3069 and a break above 1.3253 (high Jul.27) would aim for 1.3314 (200-day sma) and then 1.3575 (50% Fibo of the 2016 down move). On the flip side, the immediate support aligns at 1.3001 (low Aug.30) followed by 1.2985 (55-day sma) and finally 1.2857 (low Jul.15).