USD/CAD sidelined below 1.31, OPEC eyed

The greenback is trading almost unchanged vs. its neighbour on Thursday, taking USD/CAD to the 1.3080 area ahead of the key OPEC meeting.

USD/CAD focus on OPEC, EIA

Spot is extending its consolidative pattern south of the 1.3100 handle today amidst broad-based USD selling and a mild offered bias in crude oil prices, with the barrel of West Texas Intermediate navigating sub-$49.00 levels ahead of the key OPEC meeting due later during the European morning.

On the data front, Tuesday’s API report showed US crude stockpiles have increased by nearly 2.4 million barrels during last week, while the EIA report on inventories is due later today. Further releases will see the ADP employment report, Initial Claims and speeches by BoC’s S.Poloz and FOMC members Powell, Dudley and Kaplan.

USD/CAD significant levels

As of writing the pair is up 0.01% at 1.3078 facing the next hurdle at 1.3135 (high May 31) ahead of 1.3191 (high May 24) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458). On the flip side, a breach of 1.3002 (20-day sma) seconded by 1.2931 (55-day sma) and then 1.2912 (high May 26).