USD/CAD weakens for third consecutive session, dips below mid-1.3400s

The USD/CAD pair remained under some selling pressure for the third consecutive session and is currently placed at multi-day lows near mid-1.3400s.

A fresh wave of intense selling pressure around the greenback, with the key US Dollar Index tumbling to its lowest level since the US Presidential election in November, has been the key factor weighing on the major.

Moreover, a sharp slide in the US treasury bond yields, amid fading expectations for a faster Fed rate-tightening cycle through 2017, has failed to stall the pair's reversal move two-week highs touched on Friday.

Meanwhile, a modest recovery in oil prices, with WTI crude oil halting recent slump to 4-week lows, further collaborated to the offered tone surrounding the major. 

Today's US economic docket, featuring the release of JOLTS job openings, would now be looked upon for some fresh trading impetus later during the NA session.

Technical levels to watch

Immediate support is pegged near 1.3435 level, which if broken is likely to accelerate the slide back below the 1.3400 handle towards multi-week lows support near 1.3390-85 region touched on May 25.

On the upside, 1.3480 level might now act as immediate resistance and is closely followed by the key 1.35 psychological mark, above which a bout of short-covering could lift the pair beyond 1.3545-50 resistance towards reclaiming the 1.3600 handle.