USD/CAD finds support near 1.2800

The greenback remains on the defensive at the beginning of the week, with USD/CAD posting moderate losses in the vicinity of the 1.2800 handle.

USD/CAD attention to risk trends

Increasing risk appetite has boosted the demand for riskier assets on Monday, sending the barrel of West Texas Intermediate to daily peaks in the $49.60 area and thus giving extra legs to CAD.

The softer tone in the buck has been exacerbated after latest poll results now see the ‘Remain’ vote gathering further traction ahead of the UK Referendum on Thursday.

Data wise in Canada, Wholesale Sales rose 0.1% MoM in April, while the speech by FOMC’s N.Kashkari is due later in the NA session.

USD/CAD significant levels

As of writing the pair is losing 0.64% at 1.2812 facing the next support at 1.2651 (low Jun.8) followed by 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). On the other hand, a surpass of 1.2908 (20-day sma) would aim for 1.3086 (high Jun.16) and finally 1.3145 (high May 30).