USD/CAD breaks below 1.3300 amid renewed USD selling

After a brief recovery stint seen in the late-Asian session, the USD/CAD pair ran through fresh supply over the last hour, as holiday-thinned trades accentuated broad based US dollar selling. The US dollar index stalled its recovery at 100.35 and drifts lower towards 100.00, down -0.33% on the day.

Despite, European traders off on an Easter holiday-break, the spot came under renewed selling pressure in early European morning, as markets continue to react negatively to last week’s Trump’s comments, citing that he likes low-interest rate policy and USD is getting too strong.

Moreover, weaker oil prices failed to support the USD/CAD, as the resource-linked Loonie remains unperturbed by oil-price weakness.  Looking ahead, the USD dynamics and risks trends will continue to play a key determinant for further momentum in the major.

USD/CAD Technical levels

Technical resistances for the pair are aligned at 1.3340/51 (10 & 20-DMA), 1.3401 (Apr 3 high) and finally 1.3428 (Apr 10 high). On the flip side, the spot finds next support at 1.3277/67 (200 & 100-DMA), a break below that level could open the door to 1.3250 (psychological levels) and 1.3320 (monthly low).