USD/CAD on a steady recovery path above 1.3250

The USD/CAD pair is seen extending its reversal from just below 1.32 handle, as the bulls are back in action on a broad based USD comeback and flattish oil prices.

USD/CAD supported at 1.3220

Currently, the USD/CAD pair trades +0.24% higher at 1.3257, trying hard to take-out stiff resistance placed at 1.3261, daily highs. The spot ends three-day sell-off and makes a minor-comeback on 1.32 handle, mainly driven by a broad higher greenback amid a profit-taking rally. While the overnight retreat in oil prices, in wake of higher gasoline build, weighed on the Loonie and aided the USD/CAD recovery.

We have an eventful trading calendar for the major today, with the NA session likely to  kick-off with the jobs and trade data from both the US and Canada, followed by Ivey PMI from Canada and US factory orders release. Besides, FOMC Member Evans is due to participate in a panel discussion at an event in Chicago.                       

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3300 (round figure) and 1.3319 (100-DMA) and from there to 1.3397 (50-DMA). To the downside, immediate support might be located at 1.3200 (zero figure) and below that at 1.3152 (200-DMA) and at 1.3119 (daily S2).