USD/CAD consolidates alongside oil, below 1.3150

The USD/CAD pair stalled its Asian sell-off near 1.3125 region as the bears took a breather amid stabilizing oil prices and broadly lower USD index.

USD/CAD retreats from 1.3185

Currently, the USD/CAD pair trades -0.31% lower at 1.3139, having posted session lows at 1.3126 earlier on the day. The spot extends losses for the second straight session and hovers near four-week troughs, as a generalized weakness in the US dollar keeps the downside bias intact.

While yesterday’s rally in oil prices bolstered the commodity-currency and added to the downbeat tone around USD/CAD. Markets now eagerly await fresh incentives from the upcoming Fed speaks and US data due later on Thursday.       

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3201 (5-DMA) and 1.3264 (10-DMA) and from there to 1.3319 (100-DMA). To the downside, immediate support might be located at 1.3100 (zero figure) and below that at 1.3050 (psychological levels) and at 1.3019 (daily S2).