USD/CAD clocks three-week high in Asia as oil drops

The USD/CAD pair clocked a three-week high of 1.3448 in Asia as oil prices dropped on bearish US weekly inventory report. 

Stuck at rising trend line

A rising trend line drawn from May 3 low and June 23 low and extended is acting as a resistance around 1.3440 levels. The pair failed to hold gains above the same as oil prices witnessed moderate gains on both sides of the Atlantic.

The offered tone around CAD gathered pace in early Asia as oil dropped in the overnight trade after the EIA report showed a surprise build in the inventories. 
At the time of writing, the pair was trading around 1.3425 levels. 

USD/CAD Technical Levels

A daily close above the trend line hurdle of 1.3440 would open doors for a sustained rally to 1.3537 (Nov 28 high). A violation there could yield a rally to 1.3588 (Nov 14 high). On the other hand, a breakdown of support at 1.3410 (session low) would shift risk in favour of a drop to 1.3351 (50-DMA) and then to 1.33 (zero figure).