USD/CAD back above 1.3100, approaches Monday’s highs

USD/CAD resumed the advance and climbed back above the 1.31 mark on Tuesday, as the greenback shrugged off dovish comments from Fed’s Brainard while lower oil prices continued to weigh on the loonie.

USD/CAD fell to the 1.3030 zone during the Asian session but turned higher and it has gained nearly a full cent ever since, peaking at 1.3119 in recent dealings. At time of writing, the pair is trading at 1.3115, recording a 0.59% daily gain.

USD/CAD levels to watch

As for technical levels, next resistances are seen at 1.3123 (Sep 12 high),  1.3147 (Sep 1 high), 1.3199/1.3200 (Aug 5 high/psychological level) and 1.3252 (Jul 27 high). On the other hand, supports could be faced at 1.3015 (50-day SMA), 1.2955 (100-day SMA) and 1.2909 (Sep 9 low).