USD/CAD struggling to conquer 1.3600 handle

The USD/CAD pair was seen consolidating its recent up-surge to 1.3600 neighborhood, 10-month highs, and seesawed between minor gains and tepid losses.

Currently trading around 1.3570 region, with mild bearish bias, volatile price-action in oil market has failed to provide any directional impetus for the commodity-linked currency - Loonie. Meanwhile resurgent US Dollar buying interest has limited any downslide and assisted the pair to tread water just below 1.3600 handle. 

Looking at the broader picture, bulls seem to take a breather following the pair’s post-US presidential election sharp up-surge of over 500-pips and hence, Wednesday’s price-action could be categorized as consolidation phase before the next leg of directional move. 

In absence of any major market moving releases, the pair remains at the mercy of broader sentiment surrounding crude oil prices and the greenback price dynamics. Hence, immediate focus would be the Wednesday's API report ahead of the official EIA data on weekly US crude stockpiles, due for release on Thursday.

Technical levels to watch

Weakness below session low support near 1.3560 level might trigger a profit-taking slide towards 1.3500 psychological mark, en-route 1.3480 support area. On the upside, sustained break through 1.3600 handle is likely to open room for an immediate up-move towards 1.3645-50 horizontal resistance ahead of 1.3700 round figure mark.