USD/CAD dips further to 1.2930, US data eyed

The Canadian dollar keeps appreciating vs. its American peer on Thursday, sending USD/CAD to fresh lows in the 1.2940/30 band.

USD/CAD weaker ahead of US data

Spot is losing ground for the third session in a row today, prolonging its leg lower from recent peaks in the vicinity of 1.3200 as the demand for CAD meets strong pressure on rising crude oil prices.

At his speech in Singapore, FOMC member J.Bullard argued that expectations of a rate hike next month are positive, while added that it is not clear how the labour market could affect future inflation.

USD will still be in the limelight later, as US Durable Goods Orders, Initial Claims and Pending Home Sales are all due later, followed by the speech by FOMC’s Powell.

USD/CAD significant levels 

As of writing the pair is losing 0.52% at 1.2952 and a break below 1.2933 (low May 26) would expose 1.2913 (20-day sma) and then 1.2768 (low May 12). On the flip side, the next hurdle lines up at 1.3188 (high May 24) followed by 1.3312 (38.2% Fibo of 1.4692-1.2458) and finally 1.3365 (200-day sma).