USD/CAD retreats, drops back below 1.3000

• CAD recovers strength after weak opening on G7 meeting.
• Higher crude oil prices and a weaker US Dollar sends USD/CAD back below 1.3000.

The USD/CAD pair peaked earlier today at 1.3026, slightly below Friday’s highs. During the American session dropped back under 1.3000 amid a retreat of the greenback in the market and a rally in crude oil prices.

The WTI is up 0.50% for the day, hovering around $66.00 a barrel. Earlier today traded below $65.00. The US Dollar Index erased gains and drooped back under 93.50.

USD/CAD reached at 1.2975 the lowest since the European session. It was standing around 1.2985. The pair continues to move within Friday’s range, as it continues to be unable to hold on top of 1.3000, while the downside remains capped by 1.2900/1.2920.

Technical levels

To the upside resistance levels might be located at 1.3040 (Jun 8 high), 1.3065 (Jun 5 high) and 1.3100. On the flip side, supports are seen at 1.2960/65, 1.2930 and 1.2895.