USD/CAD flat-lined around 1.3315 level

The USD/CAD pair prolonged its consolidative price-action and was confined within 25-pips narrow trading range just above the 100-day SMA.

On Thursday, the pair failed to build on its recovery move from two-week lows and faded a bullish spike to mid-1.3300s to finally end the day with only marginal gains. 

With the US Dollar entering a bearish consolidation phase, a mildly positive trading sentiment surrounding WTI crude oil was seen lending support to the commodity-linked currency - Loonie, and collaborated to a range bound, the subdued price action through Asian session on Friday.

Nevertheless, the pair is now all set to snap five consecutive weeks of winning streak and headed for its first weekly declines since early Feb. 

Today's US economic docket features the preliminary release of UoM Consumer Sentiment index and industrial production data. This coupled with Manufacturing Sales data from Canada would now be looked upon for some fresh impetus during early NA session.

Technical levels to watch

Immediate support is pegged at 100-day SMA near the 1.3300 handle, below which the pair is likely to break below two-week lows support near 1.3275 level and head towards testing 1.3230 horizontal support. On the upside, momentum above 1.3350 area (yesterday's swing high) might trigger a short-covering bounce towards 1.3375-80 horizontal area ahead of the 1.3400 handle and 1.3425-30 resistance.