USD/CAD wavers above 1.3200

USD/CAD is oscillating between session highs and lows as the loonie tracks movements in oil prices. 

USD/CAD fell to a session low of 1.3202 as oil enjoyed a bout of demand, although it failed to break below the 1.32 mark and bounced back to the 1.3240 area in recent dealings. At time of writing, the pair is trading at 1.3225, up 0.18% on the day.

Main focus remains on tomorrow’s Fed decision although oil prices, and therefore the loonie, might get some momentum from API stockpiles data due later today. BoC Governor Poloz is also due to speak in the afternoon. 

USD/CAD technical levels

In terms of technical levels, immediate resistances are seen at 1.3258 (200-day SMA), 1.3295/1.3300 (Mar 24 high/psychological level) and not much till the 1.3390/1.3400 region. On the other hand, supports line up at 1.3127 (Sep 14 low), 1.3068 (10-day SMA) and 1.3000 (psychological level).