USD/CAD approaches 2016 lows as oil rises

Broad USD weakness remains the theme of the day, with the greenback losing ground versus most major peers in the absence of fundamental drivers.

USD/CAD is falling for second day in a row, having lost more than half a cent throughout the day to score a low of 1.2923, last seen March 31st. The pair continues to trade near lows ahead of Wall Street opening, with the loonie helped by rallies in oil prices.

USD/CAD levels to consider

At time of writing, USD/CAD is trading at 1.2925, down 0.46% on the day, with next supports seen at 1.2857 (2016 low, Mar 31), 1.2831 (Oct 15 low) and 1.2722 (Jul 15 low). On the flip side, resistances could be faced at 1.3015 (Apr 11 high) and 1.3095 (20-day SMA).