USD/CAD bounces-off 100-DMA support, retakes 1.3300 handle

The USD/CAD pair staged a goodish recovery from the vicinity of 100-day SMA support near mid-1.3200s and has now moved into positive territory. 

Currently trading around 1.3310 region, recovery in the US treasury bond yields underpinned the greenback demand and provided a much needed respite for the bulls. In the process, the pair managed to defend 100-day SMA and snapped five consecutive days of losing streak. 

Meanwhile, a range-bound price action around crude oil prices has failed to provide any impetus for the commodity-linked currency - Loonie, and the pair remains at the mercy of US Dollar price dynamics.

On the economic data front, today's release of ADP report and ISM non-manufacturing PMI from the US are due for release during early NA session. Also in focus would be the official EIA report on US crude oil stockpiles and might also provide some impetus for short-term traders.

Technical levels to watch

A follow through recovery above 1.3320 immediate resistance is likely to lift the pair back towards 20-day SMA resistance near 1.3355 region above which a fresh bout of short-covering has the potential to continue boosting the pair further towards 50-day SMA important hurdle near 1.3395-1.3400 region.

On the flip side, renewed weakness below session lows support near 1.3250 level, leading to a subsequent break below 100-day SMA, would turn the pair vulnerable to break below 1.3200 handle and head towards testing its next support near 1.3140-35 area.