USD/CAD consolidates near 6-week tops, Canadian jobs data awaited

   •  Weaker oil prices offset by subdued USD demand.
   •  Traders await Canadian jobs data for fresh impetus.

The USD/CAD pair now seems to have entered a bullish consolidation phase and seesawed between tepid gains/minor losses around the 1.2600 handle, or 6-week tops.

The pair built on last Friday's strong rebound from over 4-month lows and tested the very important 200-day SMA on Thursday amid persistent US Dollar buying interest, supported by a selloff in the US equity markets.

Adding to this, another round of sharp fall in crude oil prices further weighed heavily on the commodity-linked currency - Loonie and collaborated to the pair's strong up-move to fresh 2018 tops.

A follow-through selling pressure around oil markets, to some extent, was being negated by a subdued USD price action and has failed to provide any fresh impetus. 

Moreover, traders also seemed to refrain from placing fresh bullish bets ahead of today's key Canadian employment details and has eventually led to a rangebound price action on the last trading day of the week. 

Technical levels to watch

Immediate support is pegged near 1.2565 level, below which the pair is likely to head back towards 1.2535 intermediate support en-route the key 1.2500 psychological mark. On the upside, a clear break through the 1.2610-15 region might prompt some fresh short-covering move and lift the pair towards 1.2670-75 supply zone.