USD/CAD on a steady recovery path above 5-DMA

Dhwani Mehta FXStreet

The Canadian dollar lost footing and declined gradually against its American counterpart, prompting a steady recovery in the USD/CAD pair.

USD/CAD back above 1.29 handle

Currently, the USD/CAD pair rises 0.10% to 1.2925, having previously posted session highs at 1.2933. USD/CAD takes a breather and consolidates the overnight recovery, underpinned by renewed weakness in the oil prices, which dampens the sentient around the resource-linked Loonie.

Moreover, the extended rebound staged by the greenback against its major peers, also adds to the upbeat tone behind the USD/CAD pair. The US dollar index edges 0.10% higher at 94.60, flirting with session tops reached at 94.63.

Attention now turns towards the US existing home sales and EIA weekly supply report for further momentum on the major.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.2950/63 (psychological levels/ 100-DMA) and 1.3000 (round figure). To the downside, immediate support might be located at 1.2892/87 (10 & 20-DMA) and below that at 1.2827 (Aug 17 low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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