USD/CAD pullback contained by 1.3120 zone

USD/CAD fell to fresh daily lows at the beginning of the New York session as the Canadian dollar strengthened in tandem with oil prices.

The loonie dragged USD/CAD to a low of 1.3126 but quickly bounced back to the flat line as the greenback won’t give up gains easily. At time of writing, the pair is trading at 1.3149, virtually unchanged on the day, having pulled back from a 7-week highs of 1.3187.

USD/CAD levels to watch

In terms of technical levels, next resistances are seen at 1.3187 (May 24 high), 1.3218 (Apr 5 high) and 1.3295 (Mar 24 high). On the flip side, supports could be found at 1.3126 (May 24 low), 1.3098 (May 23 low) and 1.3010 (May 19 low).