USD/CAD around 1.3300 ahead of key data

The Canadian dollar remains on a firm footing vs. its American neighbor at the end of the week, sending USD/CAD to test the area of 1.3300 for the time being.

USD/CAD focus on data, oil

The post-OPEC rally in crude oil prices has taken the barrel of West Texas Intermediate to fresh tops near the $51.00 mark on Thursday, although easing some ground afterwards and hence removing some tailwind from CAD. Anyway, spot remains firm on its way to close the week with losses, reverting previous gains and navigating the area of 3-week lows at the same time.

Adding to the recent bearish note around the pair, the greenback continues to surrender earlier gains despite recent auspicious releases in the US docket, with the ISM Manufacturing surprising investors to the upside during November.

Later in the day, labour market reports in both Canada and the US will take centre stage along with speeches of FOMC’s L.Brainard and D.Tarullo.

USD/CAD significant levels

As of writing the pair is retreating 0.03% at 1.3312 and a breach of 1.3287 (low Dec.2) would open the door to 1.3260 (low Nov.9) and finally 1.3185 (100-day sma).  On the other hand, the next hurdle aligns at 1.3442 (20-day sma) followed by 1.3542 (high Nov.28) and then 1.3566 (high Nov.18).