USD/CAD back above 1.2900

USD/CAD failed to sustain daily gains and retreated to the starting point during the American afternoon as the USD rally triggered by US CPI faltered.

USD/CAD turned lower after hitting a daily peak of 1.2954 but with the setback being contained by the 1.2870 area, the pair managed to cregain the 1.29 mark in recent dealings. At time of writing, USD/CAD was trading at 1.2913, still 0.15% above its opening price.

USD/CAD technical levels

In terms of technical levels, next resistances are seen at 1.2955 (May 17 high), 1.3015 (May 9 high) and 1.3155 (Apr 8 high). On the flip side, supports could be found at 1.2835 (May 13 low), 1.2770 (May 12 low) and 1.27460 (20-day SMA).