USD/CAD slides to 1.3500 neighborhood

The USD/CAD pair extended overnight reversal momentum, after failing to conquer 1.3600 handle, and has now dropped closer to 1.3500 psychological mark. 

Currently trading around 1.3510-15 band, bears remained in full control following Wednesday's downbeat pending home sales data from the US, which triggered a broad based US Dollar profit-taking slide. 

Even the prevalent weak sentiment surrounding oil market, which tends to dent demand for the commodity-linked currency - Loonie, has failed to provide any respite and the pair remains at the mercy of USD price dynamics. 

Next in focus would be US economic releases - weekly jobless claims and goods trade balance, followed by the official EIA report on US crude stockpiles, which would contribute towards the pair's movement during NY trading session on Thursday. 

Technical levels to watch

A follow through selling pressure below 1.3500 mark, leading to a subsequent break below 1.3485-80 support area, is likely to turn the pair vulnerable to head towards its next support near 1.3415-10 zone, en-route 1.3400 round figure mark. On the flip side, momentum above 1.3525 level now seems to confront resistance near 1.3550-55 region above which the pair seems to make a fresh attempt towards conquering 1.3600 handle.