USD/CAD extends the drop below 200-DMA

USD/CAD ended its recent winning streak a day before and now drops towards the key support located near 1.3125 region, with markets ignoring the renewed weakness in oil prices.

USD/CAD awaits fresh fundamental drivers

Currently, the USD/CAD pair drops -0.08% to fresh session lows of 1.3145, having failed to resist above 200-DMA placed at 1.3161. USD/CAD extended its overnight consolidation phase and met fresh supply just ahead of 200-DMA, now sending the rate back towards Thursday’s low, as the Loonie ignores a fresh bout of selling interest seen in oil prices after yesterday’s rebound.

Moreover, the greenback remains pressured across the board in response to a slew of disappointing US economic data published yesterday. Looking ahead, attention turns towards key macro news lined up for release from both the North American economies later today.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3161/66 (200-DMA/daily high) and 1.3200 (round figure). To the downside, immediate support might be located at 1.3047 (10-DMA) and below that at 1.3002 (daily S3).