USD/CAD faces double whammy, hits fresh 5-week lows

The USD/CAD pair came under aggressive selling pressure post-European open, now hovering within a striking distance of multi-week lows.

USD/CAD trades below all major DMAs

Currently, the USD/CAD pair trades -0.35% at 1.2773, recovering slightly from fresh five-week lows reached at 1.2761. The USD/CAD pair faces double whammy from a broadly lower US dollar  on one hand, while fresh bout of buying interest witnessed in the oil prices lifts the resource-linked Loonie and hence, weighs down on the major,

Calendar-wise, USD/CAD is likely to get influenced by the Canadian Ivey PMI data and API crude stockpiles report due later in the NA session.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.2800 (round number) and 1.2850/67 (psychological levels/ daily pivot). To the downside, immediate support might be located at 1.2751 (daily S1) and below that at 1.2700 (round number).