USD/CAD extends the sideline theme below 1.31

The Canadian dollar is posting meager gains vs. its American peer at the end of the week, with USD/CAD in a consolidative pattern in sub-1.3100 levels.

USD/CAD attention to US data, oil

Spot remained practically muted after yesterday’s OPEC meeting failed to shed more light on the output freeze and production ceiling issues, leaving the price for the barrel of West Texas Intermediate hovering over the $49.00 mark for the time being.

Ahead in the session, US Non-farm Payrolls will set the tone for the greenback, at least in the near term and ahead of the key FOMC meeting in June. Recall that consensus expects the economy to have added 164K jobs during May. In Canada, trade balance figures are also expected.

USD/CAD significant levels

As of writing the pair is losing 0.04% at 1.3093 facing the next support at 1.3012 (20-day sma) seconded by 1.2933 (55-day sma) and then 1.2907 (high May 26). On the flip side, a surpass of 1.3191 (high May 24) would aim for 1.3292 (100-day sma) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458).