USD/CAD remains capped below 1.3000, US data in focus

By FXStreet The USD/CAD pair fell for the third straight session this Thursday, as oil prices resumed the upward trajectory and hit fresh seven-month highs amid easing oversupply worries.

USD/CAD finds support near 20-DMA

Currently, the USD/CAD pair trades 0.28% lower at 1.2984, hovering in a 15-pips narrow range over the last couple of hours. The Loonie trimmed gains, although remains within striking distance from daily highs versus its American counterpart, as the oil prices consolidate the upside before the next move higher. Meanwhile, both crude benchmarks are up nearly 0.60%, supported by falling US production and inventory levels.

As dust settles over the BOC decision aftermath, markets shift their focus towards the durable goods and pending home sales data from the US, in a bid to receive fresh impetus on the major, while sentiment around oil markets will continue to remain the primary driver going forward.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3000 (round number) and 1.3045/50 (10-DMA/ psychological levels). To the downside, immediate support might be located at 1.2970 (daily low) and below that at 1.2900/1.2891 (round number/ 50-DMA).
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Source:: FX Street