USD/CAD hits fresh daily high and retreats back under 1.3350

• US dollar recovers ground against majors during the American session. 
• USD/CAD rebounds despite higher crude oil prices. 

The USD/CAD pair dropped earlier today to test the 1.3300 area but failed to break lower and the Loonie lost momentum. It bounced to the upside and recently, amid a recovery of the greenback across the board, climbed to 1.3358, hitting a fresh daily high. 

As of writing was trading at 1.3345, around the same levels it closed on Friday. The pair continues to move sideways, holding above 1.3300 and being unable to consolidate on top of 1.3350. 

Risk aversion boosted modestly the demand for the US dollar and the yen over the last hours. The USD/CAD moved to the upside despite higher crude oil price. The WTI was up 0.80%, hovering around $59.00, after reaching earlier today the highest level in four months. 

Levels to watch 

If the pair manages to hold on top of 1.3350 the greenback will likely gain strength. The next resistance levels might be located at 1.3370 and above 1.3390 (Mar 8 low). On the flip side, the immediate support is the 20-hour moving average at 1.3325, followed by the 1.3300 zone (Mar 18 low) and 1.3285 (last week low).