USD/CAD testing highs near 1.3580

The USD/CAD pair is making yet another attempt to take-out stiff resistance placed at 1.3580 levels as we head towards the European opening bells.

USD/CAD trades above all major DMAs

Currently, the USD/CAD pair trades modestly flat at fresh session highs of 1.3573, eyeing a test of Nov highs. The major is reversing a dip near daily lows as the bulls remain supported amid a retreat in oil prices, which continues to dent the sentiment around the commodity-currency.

Although the bulls appear to lack momentum as the greenback remains broadly muted, with the USD index flattish near 103 handle. Amid holiday-thinned markets, all eyes now remain on the US pending home sales data for further momentum.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3581 (multi-month highs) and 1.3600 (round figure) and from there to 1.3630 (daily R2). To the downside, immediate support might be located at 1.3543 (5-DMA) and below that at 1.3500 (round figure) and at 1.3473 (10-DMA).