USD/CAD clinches highs near 1.2930, USD stronger

The continuation of the buying bias around the greenback is now pushing USD/CAD to print fresh daily peaks in the 1.2930 area.

USD/CAD firmer on USD buying

Spot has quickly left behind the 1.2900 barrier and advanced to fresh highs near 1.2930 as the buck remains on form note vs. its main rivals, extending the rebound seen at the end of last week.

Collaborating with the pair’s upside, the barrel f West Texas Intermediate is retracing the earlier spike to highs in the vicinity of the $49.00 mark, coming down to test $48.30 and adding to CAD weakeness.

USD/CAD significant levels

As of writing the pair is advancing 0.39% at 1.2920 and a breakout of 1.2972 (55-day sma) would aim for 1.3011 (20-day sma) and then 1.3202 (high Aug.5). On the other hand, the immediate support aligns at 1.2759 (low Aug.18) followed by 1.2674 (low Jun.23) and finally 1.2651 (low Jun.8).