USD/CAD rejected near 1.3000, eyes 100-DMA

The buying interest behind the Loonie is gradually gathering pace, knocking-off USD/CAD to fresh session lows further below 1.30 handle.

USD/CAD drops on firmer oil                         

Currently, the USD/CAD pair drops -0.15% to 1.2974, hovering close to fresh session lows reached at 1.2967 last hour. After witnessing a brief recovery in the Asian opening trades, the major ran through fresh offers just shy of 1.30 handle, now extending the slide towards the mid-point of 1.29 handle.

The bearish pressure accentuated in the major after the oil prices built-on previous gains and extended the rebound on comments from Saudi Arabia’s energy minister, citing that oil producers are likely to discuss potential action to stabilize prices at the OPEC’s meeting next month.

Meanwhile, the greenback takes a breather from yesterday’s upsurge and trades largely subdued against its major peers, adding to the downside in the major. All eyes now remain on a fresh batch of US economic releases due later in the NA session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3000 (round figure) and 1.3058 (5-DMA). To the downside, immediate support might be located at 1.2938 (100-DMA) and below that at 1.2900.