USD/CAD flirting with highs around 1.3070

The greenback seems to have recovered the smile on Friday, now lifting USD/CAD to test the upper end of the range in the 1.3070/75 band.

USD/CAD focus on data

The pair is posting moderate gains at the end of the week, eroding the key base of the +4-month rising channel against a backdrop of a positive sentiment towards the buck.

Additionally, spot is advancing for the first time since Monday, as the selling bias in USD has extended practically throughout the week along with a substantial recovery in crude oil prices, which has taken the barrel of West Texas Intermediate back above the $46.00 mark.

Later in the NA session, Canadian inflation figures for the month of August are due along with July’s Retail Sales.

On the US side, Markit’s advanced manufacturing PMI for the current month is due followed by speeches by Philly Fed P.Harker (2017 voter, hawkish?), Atlanta Fed D.Lockhart (2018 voter, centrist) and Cleveland Fed L.Mester (voter, centrist/hawkish).

USD/CAD significant levels

As of writing the pair is advancing 0.19% at 1.3068 and a breakout of 1.3249 (high Sep.16) would open the door to 1.3253 (high Jul.27) and finally 1.3311 (38.2% Fibo of the 2016 drop). On the other hand, the next support aligns at 1.2996 (low Sep.22) ahead of 1.2818 (low Sep.7) and then 1.2759 (low Aug.18).