USD/CAD sidelined near 1.3570

After clinching fresh 2017 highs near 1.3630 on Tuesday, USD/CAD has now faded the spike and looks to consolidate in the 1.3570 region for the time being.

USD/CAD focus on politics, oil

The Canadian Dollar is recovering part of the recent downside after dropping to fresh YTD lows vs. the buck in the 1.3630 region on Tuesday, and is now dragging spot to the 1.3570/65 band during the European morning.

CAD has suffered the recent announcement from President Donald Trump regarding the Canadian exports of softwood lumber, while yields of the Canadian 2-year reference are easing some ground from recent tops.

In the data space, Canadian Retail Sales are expected to have contracted at a monthly 0.1% in February. In the US, the weekly report on crude oil stockpiles by the EIA is only due later in the NA session.

USD/CAD significant levels

As of writing the pair is losing 0.04% at 1.3568 and a breakdown of 1.3533 (23.6% Fibo of the April up move) would open the door to 1.3496 (low Apr.25) and finally 1.3408 (low Apr.24). On the upside, the next hurdle is placed at 1.3584 (high Apr.26) seconded by 1.3629 (2017 high Apr.25) and then 1.3861 (high Feb.24 2016).