USD/CAD pares losses as oil changes course

USD/CAD fell into the red during the New York session, as the loonie strengthened in tandem with oil prices, while the greenback was underperforming across the board.

USD/CAD lost more than 80 pips from highs and bottomed out at 1.3109, where the 100- and 200-hour SMAs crossover offered support. The pair has recovered a few pips over the last minutes, as oil changed course, with USD/CAD was last trading at 1.3130, still 0.15% below its opening price.

WTI reached a 2-week peak of $43.52/bbl before losing steam and falling all the way back to the $42.60 zone, where it is now down 0.86% on Tuesday.

USD/CAD levels to consider

As for technical levels, next supports are seen at 1.3109 (100- & 200-hour SMA), 1.3079 (20-day SMA) and 1.2995 (Aug 4 low). On the other hand, immediate resistances line up at 1.3199 (Aug 5 high), 1.3252 (Jul 27 high) and 1.3305 (200-day SMA).