USD/CAD below 1.2900 post-US data, downside looks mitigated

 

Over a week, the high reached on Thursday was reversed intraday for USD/CAD. Despite a slight USD decline, rising oil prices support the Canadian dollar and put pressure on it.

Positive US macroeconomic data and aggressive Fed predictions should provide support. In the early North American session, the USD/CAD pair declines from a one-and-a-half-week high reached earlier this Thursday and hits a new daily low. Several factors pressure the team as it trades slightly below the 1.2900 level.

The almost six-month low reached on Tuesday for crude oil prices is being recouped, which supports the commodity-linked loonie and works against the USD/CAD pair. This prompts some selling at higher levels and adds to the intraday decline, coupled with a slight US dollar reversal from a recent monthly top.

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