USD/CAD back to square one

USD/CAD is back at square one after seesawing between daily highs and lows, inversely with oil prices.

USD/CAD first spiked to a 6-day high of 1.2826 but failed to hold gains and slid to a low of 1.2749 at the beginning of the New York session as market mood continues to drive financial markets ahead of the Fed meeting this week.

Meanwhile, oil prices staged a mild bounce after OPEC monthly report, which said outages in Canada and Nigeria have helped bring market into balance.

USD/CAD technical levels

As for technical levels, next resistances could be found at 1.2826 (Jun 13 high), 1.2869 (50-day SMA) and 1.2960 (20-day SMA). On the other hand, supports are seen at 1.2762 (Jun 13 low), 1.2659 (Jun 8 low) and 1.2585 (Apr 29 high).