USD/CAD moves off daily lows, 1.33 back on sight

The USD/CAD pair renewed its daily low at 1.3260 amid a weaker greenback but was able to gather some recovery momentum later in the NA session. As of writing, the pair was still down 0.3% on the day, trading at 1.3283.

The pair's trading action seems to be dominated by the greenback and crude oil prices as there are no fundamental catalysts to be seen in the markets. The US Dollar Index has been riding the 100 support in the last couple of hours after finding support at 99.90, suggesting that the index is in a consolidation phase.

• US Dollar reclaims 100, supported at 99.90

On the other hand, a recent drop witnessed in WTI crude oil prices restrains the loonie from gathering further strength against the USD. The barrel of WTI failed to hold above $53 and lost around 50 cents from daily highs and is now at $52.73, losing 0.85% on a daily basis.

Technical outlook

Above 1.3300 (psychological level), the pair could encounter the first resistance at 1.3330 (20-DMA/50-DMA) and 1.3400 (psychological level). On the downside, 1.3255 (200-DMA) could be seen as the first support followed by 1.3200 (psychological level) and 1.3110 (Feb. 22 low).