USD/CAD through 1.3500, session tops

The Canadian Dollar is now rapidly depreciating vs. the buck, lifting USD/CAD to fresh tops above 1.3500 the figure.

USD/CAD stronger on WTI slump

The persistent sell off in crude oil prices is weighing heavily on CAD, as the barrel of West Texas Intermediate has broken below the $48.00 mark, recording fresh 2-week lows and down more than 7% since pre-OPEC tops in the $52.00 neighbourhood.

Spot reverted the initial negative tone amidst increasing USD-selling and mixed results from Canadian GDP, showing the economy expanded at an annualized 3.7% QoQ in Q1 and 0.5% inter-month in March. In the US, the Chicago PMI and pending home sales have both come in short of expectations, adding to USD softness.

Later in the session, the API will publish its weekly report on US crude oil supplies, while the Fed will release its Beige Book.

USD/CAD significant levels

As of writing the pair is up 0.33% at 1.3504 facing the next up barrier at 1.3541 (high May 24) followed by1.3575 (38.2% Fibo of the April-May rally) and then 1.3581 (20-day sma). On the downside, a break below 1.3437 (low May 31) would open the door to 1.3424 (low May 29) and finally 1.3385 (low May 25).