USD/CAD finds support at 1.2900

USD/CAD recovered from daily lows at the 1.2900 area and approached the upper-side of its daily range amid renewed USD buying interest and lower oil prices.

USD/CAD testes support at the 1.2900 zone and bounced, climbing to the 1.2940 zone in recent dealings. At time of writing, the pair is trading at 1.2935, up 0.19% on the day.

Later on the day, US reports housing price index and existing home sales for June. EIA oil inventories data could trigger moves in oil and therefor the loonie.

USD/CAD levels to watch

On the upside, next resistances line up at 1.2964 (Aug 22 high), 1.2991 (50-day SMA) and then 1.3009 (21-day SMA). On the flip side, supports are seen at 1.2900 (10-day SMA/psychological level), 1.2870 (Aug 22 low), 1.2800 (psychological level) and 1.2763 (Aug 19 low).