USD/CAD trims daily gains as oil bounces

USD/CAD retraced most of its intraday gains over the last hours as the loonie strengthened in sync with oil prices.

After peaking at 1.3067, USD/CAD turned down, and it has dropped more than 60 pips over the last hours, although it seems to have found support around the 1.30 mark. At time of writing, USD/CAD is trading at 1.3005, still 0.21% above its opening price. 

WTI futures reversed course and bounced to fresh session highs of $49.47 a barrel. 

USD/CAD technical levels

In terms of technical levels, if USD/CAD loses the 1.30 level, next supports could be found at 1.2916 (20- & 50-day SMAs crossover) and 1.2836 (May 17 low). On the flip side, resistances are seen at 1.3067 (May 27 high), 1.3132 (May 25 high) and then 1.3187 (May 24 high).