USD/CAD hovers around 1.2900

USD/CAD consolidates near daily lows as the loonie remains underpinned by elevated oil prices, with WTI trading 1% higher above $40.00 a barrel.

USD/CAD hit an 11-day low of 1.2890 at the beginning of the American session but lost downward momentum and it has spent the last hours in a slim range in the absence of news or events. At time of writing, USD/CAD is trading at 1.2915, down 0.58% on the day.

USD/CAD levels to consider

As for technical levels, next supports are seen at 1.2857 (2016 low, Mar 31), 1.2831 (Oct 15 low) and 1.2722 (Jul 15 low). On the other hand, resistances line up at 1.3015 (Apr 11 high) and 1.3095 (20-day SMA).