USD/CAD takes back daily losses

USD/CAD continues to take back losses and advanced to fresh daily highs above 1.31 over the last hours as the loonie failed to benefit from oil gains.

The pair rose briefly above 1.3100 and peaked at 1.3107, but faltered a few pips ahead of yesterday’s highs. At time of writing, USD/CAD was trading at 1.3065, virtually unchanged on the day.

WTI futures took a breather on Tuesday and climbed to $47.80 a barrel, before moving off session highs to trade up 2% around $47.30/bbl.

USD/CAD levels to watch

In terms of technical levels, next resistances line up at 1.3119 (Jun 27 high) and 1.3143 (Jun 2 high). On the other hand, supports could be found at 1.2965 (Jun 28 low), 1.2870 (50-day SMA) and 1.2710 (Jun 24 low).