USD/CAD weaker around 1.2900 ahead of US ISM

The greenback remains on the defensive today, with USD/CAD now hovering over the 1.2890/1.2900 region.

USD/CAD attention to US data

The pair is accelerating its downside today, retreating for the fourth consecutive session after last week’s peaks in the mid-1.3100s, and at the same time extending the recent breakdown of the base of the 4-month rising channel.

Adding to CAD buying, the West Texas Intermediate remains on a firm note today around the $45.00 mark per barrel, ahead of tomorrow’s weekly report on US crude stockpiles by the API.

Next on tap, US ISM Non-manufacturing is due later in the NA session, with consensus expecting it to have ticked higher to 55.7 during last month.

USD/CAD significant levels

As of writing the pair is losing 0.27% at 1.2894 and a break below 1.2828 (low Aug.26) would aim for 1.2759 (low Aug.18) and then 1.2674 (low Jun.23). On the upside, the initial hurdle lines up at 1.2956 (20-day sma) followed by 1.2994 (base of the 4-month rising channel) and then 1.3149 (high Sep.1).