USD/CAD regains 1.2900 and beyond ahead of US CPI

The Canadian currency gas given away initial gains and is now pushing USD/CADto daily highs near 1.2930.

USD/CAD attention to US releases, oil

CAD has reverted the initial upbeat mood following a retracement of the barrel of WTI from earlier 2016 highs well above the $48.00 mark, currently returning to the $47.70 area.

In addition, the greenback has managed to regain ground lost ahead of key US inflation figures due later in the NA session. Further releases in the US calendar will see results of Industrial Production, Housing Starts and the weekly report on crude stockpiles measured by the API.

USD/CAD significant levels 

As of writing the pair is up 0.21% at 1.2922 and a break above 1.2967 (55-day sma) would aim for 1.3015 (high May 9) and then 1.3219 (high Apr.5). On the flip side, the immediate support aligns at 1.2768 (low May 12) followed by 1.2461 (2016 low May 3) and finally 1.2124 (monthly low Jun.24 2015).