USD/CAD climbs to highs near 1.3050

The upside momentum in the greenback is now picking up pace, lifting USD/CAD to the area of daily highs in the mid-1.3000s.

USD/CAD bid after data

The pair’s upside is propped up by the incipient buying interest around the buck, which has gathered extra legs after US ISM Non-manufacturing has surpassed estimates for the month of June.

Collaborating with CAD offered tone, the barrel of West Texas Intermediate is hovering over session lows around the $46.00 mark.

Next on tap will be the FOMC minutes. Consensus amongst traders sees the Committee’s tone tilted to the dovish side, although its impact on USD could be minor.

USD/CAD significant levels

As of writing the pair is up 0.53% at 1.3051 and a break above 1.3121 (high Jun.27) would open the door to 1.3191 (high May 24) and then 1.3314 (200-day sma). On the other hand, the immediate support aligns at 1.2898 (20-day sma) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).