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    USD/CAD off highs near 1.2840 ahead of US data

    The greenback has trimmed part of its earlier gains vs. its Canadian neighbour on Tuesday, with USD/CAD now returning to the 1.2840 area.USD/CAD attention to US data, APISpot has faded the initial spike to daily highs around 1.2870 as USD has now deflated from daily highs, all amidst a broad-based softer tone in the risk-associated assets and prevailing risk aversion in the global markets.CAD remains on the defensive nonetheless in response to declining prices in crude oil, with the barrel of WTI now approaching the $48.00 handle ahead of the API’s weekly report on crude stockpiles.Ahead in the NA session, US Retail Sales is expected to have expanded 0.3% during last month and Business Inventories would have gained 0.2% in April. Previously, NFIB’s Optimism index has matched estimates at 93.8 up from April’ss 93.6.USD/CAD significant levelsAs of writing the pair is advancing 0.02% at 1.2839 and a breakout of 1.2877 (55-day sma) would expose 1.2940 (20-day sma) and finally 1.3145 (high May 30). On the flip side, the immediate support aligns at 1.2655 (low Jun.8) ahead of 1.2590 (low Apr.20) and then 1.2458 (2016 low May 3). 

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