USD/CAD rebounds as USD strengthens and crude oil retreats

USD/CAD is rising more than 50 pips today, having the best performance in a month. A decline in crude oil price and a continuation of the recovery of the greenback across the board boosted the pair. Traders await the release of the FOMC minutes from the latest meeting. 

The WTI barrel is falling today 3.40%, trading below $45.50. The US dollar index is up 0.10%, at 96.10, the highest level in a week. 

WTI falls off a cliff, approaches $45

Testing key resistance 

The pair today peaked at 1.3013 and pulled back. It is hovering around 1.3000, holding a bullish tone. 

The upside remains capped by the 1.3015 zone, that is a strong resistance. It was also tested on Monday and Tuesday. A break higher could clear the way to an acceleration of the recovery of the US dollar. Yesterday the pair bottomed at 1.2913, the lowest since September. 

Above 1.3015, resistance levels might be seen at 1.3040 (Jun 29 high), 1.3075 and 1.3100. On the downside, support could be seen at 1.2965 (Jul 3 low), 1.2945 (Asian session high) and 1.2910/15 (Jul 4 low).