USD/CAD finds support ahead of 1.2900

USD/CAD has continued moving south over the last sessions, extending losses into a third consecutive day as the loonie gets support from firmer oil prices.

USD/CAD fell to test support at the 50- and 20-day SMAs crossover at the 1.2910 zone, but failed to break below and recovered a few pips. At time of writing, the pair is trading at 1.2955, still 0.49% below its opening price.

The greenback failed to take advantage of upbeat US economic data as investors await Fed Yellen speech on Friday for clues about a possible June rate hike. Meanwhile, the BoC left rates unchanged on Wednesday, as widely anticipated.

USD/CAD technical levels

In terms of technical levels, next supports could be found at 1.2910 (May 26 low), 1.2892 (21-day SMA) and 1.2836 (May 17 low). On the flip side, resistances are seen at 1.3035 (May 26 high), 1.3132 (May 25 high) and then 1.3187 (May 24 high).