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The Canadian dollar is giving away some of its recent gains vs. the greenback, with USD/CAD now meandering a narrow range in the 1.3415/10 region.
USD/CAD looks to oil, US data
Crude oil prices are extending the overnight consolidative pattern so far, with the barrel of West Texas Intermediate gyrating around $34.80 and removing some tailwind from CAD.
After hitting fresh multi-month lows near 1.3360 on Thursday, spot is expected to follow the generalized sideline direction against the backdrop of swelling cautiousness ahead of today’s Non-farm Payrolls.
USD/CAD significant levels
As of writing the pair is advancing 0.15% at 1.3417 facing the next resistance at 1.3671 (100-day sma) followed by 1.3861 (high Feb.24) and then 1.3936 (55-day sma). On the flip side, a breakdown of 1.3367 (low Mar.3) would open the door to 1.3294 (200-day sma) and finally 1.3034 (low Nov.3 2015).
