USD/CAD takes back some losses

USD/CAD moved off daily lows and took back some of its early losses during the New York session, as the loonie was underperforming despite the risk-on mood.

The pair pulled back from the 1.3200 area and bottomed out at 1.3135 at the New York opening before bouncing and climbing back to the 1.3175 zone. However, USD/CAD lost momentum and, as most crosses in the FX market, entered a consolidation phase within its Friday’s range.

USD/CAD technical levels

At time of writing, USD/CAD is trading at 1.3155, still 0.15% below its opening price. As for technical levels, next supports are seen at 1.3120 (10-day SMA), 1.3075 (20-day SMA) and 1.2995 (Aug 4 low). On the other hand, immediate resistances line up at 1.3199 (Aug 5 high), 1.3252 (Jul 27 high) and 1.3305 (200-day SMA).