USD/CAD under renewed pressure, hits fresh lows

USD/CAD came under renewed pressure at the beginning of the New York session and dropped to fresh daily lows as the greenback weakened against major peers, main exception made by the pound, while the loonie was lifted by a recovery in oil prices.

After two failed attempts at the 1.3090 zone, USD/CAD was rejected and lost more than half a cent over the last hours to bottom out at 1.3030 in recent dealings. At time of writing, the pair is trading at 1.3035, down 0.22% on the day.

Investors will now be awaiting US and Canadair jobs reports for July, which will be released simultaneously on Friday 12:30 GMT.

USD/CAD technical levels

In terms of technical levels, next supports could be found at 1.3004/00 (Aug 2 low/Jul 29 low/psychological level), 1.2973 (50-day SMA) and 1.2945 (100-day SMA).  On the other hand, immediate resistances are seen at 1.3088 (Aug 4 high), 1.3125 (10-day SMA) and 1.3147 (Aug 3 high).