USD/CAD recovery stalled near 1.3080, oil eyed

The better sentiment around the greenback has helped USD/CAD to retake the upside bias and reclaim the upper 1.3000s so far.

USD/CAD attention to oil, data

The pair is posting marginal gains after three consecutive sessions with losses in response to a pick up in the demand for the greenback.

Additionally, crude oil prices remain on the defensive following another build up of inventories according to the latest EIA report published yesterday, removing tailwinds for CAD and collaborating with the upside.

Later in the NA session, US Export/Import Prices are due for release along with Initial Claims, while New Housing Price Index is only due in Canada.

USD/CAD significant levels

As of writing the pair is up 0.03% at 1.3062 and a break above 1.3202 (high Aug.5) would aim for 1.3253 (high Jul.27) and then 1.3313 (200-day sma). On the flip side, the next support lines up at 1.2987 (low Aug.10) ahead of 1.2946 (100-day sma) and finally 1.2891 (base of the 3-month rising channel).