USD/CAD digesting Wednesday's massive up-surge to 1.3300 neighborhood

The USD/CAD pair was seen consolidating previous session's strong up-surge back to 100-day SMA and remained confined within a narrow trading band.

Wednesday's dovish comments from BoC Governor Stephen Poloz, leaving doors open for further rate-cut, triggered a sharp selloff in the Canadian Dollar. This coupled with hawkish rhetoric from the Fed Chair Janet Yellen, and sliding crude oil prices, provided an additional boost and helped the major to stage a remarkable recovery from the vicinity of 1.30 psychological mark, nearly three-month low. 

With Wednesday's strong up-move, the pair reversed all of its losses recorded in the previous week and is now attempting to decisively clear 100-day SMA hurdle. 

Meanwhile, a positive sentiment surrounding oil market, with WTI crude oil trading with gains of around 1.0%, is seen lending some support to the commodity-linked currency - Loonie, forcing the pair to consolidate just below 1.3300 handle. 

Next on tap would be the US housing market data, accompanied by Philly Fed manufacturing index and usual weekly jobless claims data, due in a short while from now. Later during NY session, speech from the Fed Chair Janet Yellen could once again provide some fresh bullish impetus for the major. 

Technical levels to watch

A follow through buying interest above 1.3300 handle has the potential to continue boosting the pair towards 1.3335 intermediate resistance ahead of 50-day SMA hurdle near 1.3350-55 region. On the downside, weakness below session low support near 1.3250 area now seems to find support at 1.3230 level. Any further slide below this support would now be looked upon as a buying opportunity and hence, might now limited at 1.3200 round figure mark.