USD/CAD defends gains above 1.3000, jobs data in focus

The bullish run seen in the USD/CAD pair appears to have lost legs, despite the false rebound in oil prices, as sentiment remains mixed ahead of the employment data from both the North American economies.

USD/CAD capped below 1.3025

Currently, the USD/CAD pair trades +0.08% higher at 1.3013, easing slightly from session tops reached at 1.3023 some minutes ago. The major is seen consolidating the recent upward rally and looks to gather pace for further upside, well beyond 1.3050 levels, as we progress towards an eventful North American session ahead. The NA session offers the Canadian employment data along with the critical US non-farm payrolls report.

Moreover, the spot fails to benefit from the stalled recovery in the oil prices as the gains remain capped in wake of subdued trading activity seen around the greenback against its major peers. Both crude benchmarks are seen stabilizing in the green and trade nearly 0.60% higher, having halted its rebound following yesterday’s sharp sell-off.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3050/54 (psychological levels/ daily R1) and 1.3109/20 (Jun 26 & 27 High). To the downside, immediate support might be located at 1.2960/51 (5 & 10-DMA) and below that at 1.2931 (Jun 29 low).