USD/CAD consolidates gains around 1.3200

USD/CAD advanced to its highest level in 6 days on Thursday as the greenback was supported by a series of mixed US data while a decline in oil prices weighed on the loonie.

USD/CAD extended its rally from yesterday’s low of 1.3005, where the pair bottomed out following the BoC decision to keep rates unchanged. However, the CAD failed to sustain gains and USD/CAD climbed more than 200 pips over the last sessions to a high of 1.3216 before taking a breather. At time of writing, the pair is trading at 1.3198, recording a 0.68% daily gain.

USD/CAD levels to watch

In terms of technical levels, next resistances are seen at 1.3219 (Oct 14 high), 1.3306/12 (Oct 13, 7 highs) and 1.3400 (psychological level). On the flip side, supports are seen at 1.3108 (Oct 20 low), 1.3073 (50-day SMA), 1.3025 (100-day SMA) and 1.3005 (Oct 19 low).