USD/CAD flirting with lows near 1.2780

The Canadian dollar remains on a firm note vs. its American peer today, sending USD/CAD to test the lower bound of the range near 1.2780.

USD/CAD attention to Yellen, oil

The pair is retreating for the second session in a row today backed by a solid performance of the risk-associated assets in detriment of the greenback, which remains depressed around multi-day lows when tracked by the US Dollar Index.

The recent recovery in crude oil prices lifted the barrel of West Texas Intermediate back above the $49.00 mark, lending extra support to CAD and collaborating with the downside.

Next of relevance will be today’s testimony of Chair J.Yellen followed by the speech of FOMC’s Powell.

USD/CAD significant levels

As of writing the pair is losing 0.11% at 1.2789 facing the next support at 1.2651 (low Jun.8) followed by 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the other hand, a surpass of 1.3086 (high Jun.16) would aim for 1.3145 (high May 30) and finally 1.3191 (high May 24).