USD/CAD stalls recovery from 5-month lows near 1.3010

By FXStreet The USD/CAD pair stalls its overnight recovery mode near 1.3011, and now consolidates around 1.30 handle amid lower oil prices and a broadly higher greenback.

USD/CAD retreats from 5-month lows

Currently, the USD/CAD pair gains 0.26% to 1.3000, with the bears queued ahead of 1.3010 levels. The USD/CAD pair is seen trading around a flat-line near 1.30 handle over the past hour, unable to resist above the last as the black gold recovers losses, while the greenback’s recovery appears to fade as mixed comments from Fed officers continue to dampen sentiment.

Looking ahead, the main focus for the CAD pair remains the Canadian GDP data, besides the US jobless claims and Chicago PMI will be also watched ahead of Friday’s crucial jobs report.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3061/1.3100 (1h 50-SMA/ round number) and 1.3147/50 (1h 100-SMA/ psychological levels). To the downside, immediate support might be located at 1.2984 (1h 20-SMA) and below that 1.2912 (5-month low).
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Source:: FX Street