USD/CAD consolidates the downside, but regains 1.3200

The USD/CAD pair attempts a minor-recovery after a steep drop witnessed yesterday, after the US dollar gave away a part of the recent rally versus its major peers on the back of profit-taking.

USD/CAD awaits US retail trade, Fed speaks

Currently, the USD/CAD pair rises +0.14% to 1.3211, testing session tops previously posted at 1.3214 levels. After bottoming out at 1.3185, the USD/CAD pair staged a solid rebound above 1.32 handle, as the bulls closely tracked the US dollar higher amid returning appetite for risk, in wake of robust Chinese CPI data.

However, the major struggles to extend gains in the Asian session, as oil prices extend the previous rebound and continue to underpin the Loonie. Next of note for the spot remains key US datasets, Fed’s Rosengren and Yellen’s speech due later in the NA session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3282 (Sept high) and 1.3300 (round figure) and from there to 1.3350 (psychological levels). To the downside, immediate support might be located at 1.3181 (20-DMA) and below that at 1.3100 (round figure) and at 1.3087 (50-DMA).