USD/CAD on a 4-day losing streak, eyes 1.3100

Renewed selling pressure seen around the US dollar, fuels a fresh sell-off in USD/CAD, knocking it off back towards 1.31 handle.

USD/CAD rejected near 200-DMA at 1.3165

Currently, the USD/CAD pair trades -0.24% lower at 1.3126, having posted daily lows at 1.3122 last minutes. After a brief recovery stint seen in early Asia, the major ran into 200-DMA resistance and resumed the recent declines in a bid to retest 1.3100 levels.

The spot remains under pressure amid a broadly lower greenback, while stabilizing oil prices after bearish API report-led sell-off, adds to the ongoing strength in the Loonie.

Markets now eagerly await the US EIA crude inventory report due later in the American morning for fresh impetus on the CAD pair.

USD/CAD Technical Levels   

To the upside, the next resistances are seen near 1.3165/69 (200-DMA/ daily high) and 1.3200 (zero figure) and from there to 1.3220 (20-DMA). To the downside, immediate support might be located at 1.3107 (Jan 24 low) and below that at 1.3076 (daily S1) and at 1.3050 (key support).