USD/CAD remains offered below 100-DMA but has held 1.2900 mark

Having faced rejection at 100-day SMA, the USD/CAD pair has once again moved closer to break below 1.2900 handle amid broadly weaker greenback. 

Thursday's recovery in WTI crude oil prices, back above $47.00/barrel mark, restricted the pair's rebound led by stronger-than-expected rebound in US monthly durable goods orders and an unexpected decline in weekly jobless claims. 

During the course of current trading week, the pair's recovery from multi-week lows has repeatedly failed to lift it beyond 100-day SMA support turned resistance level amid uncertainty surrounding the Federal Reserve's monetary policy stance. Hence, the Fed Chair Janet Yellen's speech at Jackson Hole symposium becomes a key determinant for the pair's near-term direction.

In addition to this, revised estimate of the Q2 GDP print from the US, slated for release during early NA trading session on Friday, will keep traders busy on the last trading day of the week.

Technical levels to watch

Sustained weakness below 1.2900-1.2890 immediate support seems to drag the pair back towards 1.2800 round figure mark support with 1.2860-55 (weekly low) acting as intermediate support. Alternatively, decisive strength above 100-day SMA strong resistance near 1.2930 seems to boost the pair immediately towards 1.3000 psychological mark and would also open room for further near-term appreciating move.