The US dollar is seen strolling hard to extend the recovery against its Canadian counterpart in mid-Asia, with USD/CAD unable to break above stiff resistance placed at 1.3075.
USD/CAD back above 20-DMA at 1.3068
Currently, the USD/CAD pair trades +0.22% higher at 1.3072, flirting with NY tops reached at 1.3075. USD/CAD found renewed bids near 1.3040 region and re-attempted a break higher, although in vain, despite weaker oil prices and ongoing broad USD strength.
Both crude benchmarks drop almost 1%, extending its profit-taking slide, while the USD index trades +0.12% higher at 95.42 levels.
Markets now eagerly await fresh impetus from the upcoming Canadian data, including the CPI and retail sales data, in absence of fresh fundamental data from the US docket today.
USD/CAD Technical Levels
To the upside, the next resistances are seen near 1.3100 (round figure) and 1.3122 (5 & 200-DMA) and from there to 1.3155 (100-DMA). To the downside, immediate support might be located at 1.3032 (50-DMA) and below that at 1.2995 (100-DMA) and at 1.2950 (psychological levels).
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