USD/CAD faces rejection just below 1.3000

The USD/CAD pair’s recovery from 100-DMA support faltered just shy of 1.30 handle, with the major now consolidating the upside amid weaker oil prices.

USD/CAD capped below 1.3000

Currently, the USD/CAD pair trades +0.28% higher at 1.2980, having failed to surpass 1.30 handle. The major is seen wavering in a tight range over the last few hours as the oil prices look to stabilize, after having dropped more-than 1% a day before.

Further, the upside lacks momentum as the greenback trades largely muted against its major peers, keeping the US dollar index almost unchanged around 95.50 levels.

Meanwhile, markets look forward to a fresh impetus from the sentiment on the European markets, after experiencing a data-empty mixed Asian session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.2997/1.3000 (10-DMA/ round figure) and 1.3050 (psychological levels). To the downside, immediate support might be located at 1.2949/44 (5 & 50-DMA) and below that at 1.2921 (100-DMA).