USD/CAD finds support from weaker Oil, BOC in focus

The USD/CAD pair struggles to build on yesterday’s recovery and wavers in a tight range around 5-DMA, finding support from the weakness in oil prices.

USD/CAD capped below 1.3100

Currently, the USD/CAD pair trades +0.21% higher at 1.3067, having posted session tops at 1.3083 earlier on the day. The major is seen defending minor gains, despite fresh selling seen in the oil prices, as the Loonie now awaits the Bank of Canada (BOC) monetary policy report and rate decision for next direction.

More so, broad based USD weakness backed by dismal US JOLTS job openings data, also caps the upside in the prices.

Looking ahead, markets will closely monitor the oil price-action as well as sentiment on the global equities for further momentum.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3109/20 (Jun 26 & 27 High) and 1.3150 (psychological levels). To the downside, immediate support might be located at 1.3003 (10-DMA) and below that at 1.2931 (Jun 29 low).