USD/CAD unchanged around 1.3230, API eyed

The Canadian dollar is trading almost unchanged vs. its American peer on Tuesday, taking USD/CAD to the area of 1.3225/30 for the time being.

USD/CAD attention to oil report

Spot is alternating gains with losses on Tuesday, although it seems to have found decent support around the 1.3200 neighbourhood amidst the continuation of the offered bias surrounding the buck and mild gains in crude oil prices.

In fact, the West Texas Intermediate is holding on to the $52.00 mark per barrel ahead of the European opening, looking to recover part of the ground lost following Monday’s sharp sell off to the $51.70 region.

Nothing noteworthy from the BoC at yesterday’s Business Outlook Survey, while Housing Starts and Building Permits are due later today. In the US docket, JOLTs Job Openings and the NFIB index are also expected ahead of the weekly report on US crude oil supplies by the API.

USD/CAD significant levels

As of writing the pair is gaining 0.08% at 1.3231 and a breakout of 1.3272 (100-day sma) would aim for 1.3311 (38.2% Fibo of the 2016 drop) and then 1.3383 (55-day sma). On the other hand, the immediate support aligns at 1.3194 (low Jan.9) ahead of 1.3174 (low Jan.6) and finally 1.3120 (3-month support line).