USD/CAD takes back daily losses

USD/CAD turned higher during the New York session and took back most of its intraday losses as the loonie faced pressure from a turnaround in oil prices.

USD/CAD bounced from a daily low of 1.3134 and it has been slowly inching higher over the last hours to briefly rise above the 1.32 mark. USD/CAD peaked at 1.3207 and it was last trading at 1.3198, a few pips below its opening price.

USD/CAD technical levels

In terms of technical levels, immediate resistances are seen at 1.3258 (200-day SMA), 1.3295/1.3300 (Mar 24 high/psychological level) and not much till the 1.3390/1.3400 region. On the other hand, supports line up at 1.3127 (Sep 14 low), 1.3068 (10-day SMA) and 1.3000 (psychological level).