USD/CAD turns back to session high at 1.3070

The USD/CAD pair seesawed between sharp gains and minor losses following the release of US and Canadian employment data before resuming its bullish momentum to currently trade near session high level around 1.3070 level. 

The US jobs report for June, showing NFP print of 287k, was far more impressive than a drop in the number of employed people in the Canadian economy. Moreover, weakness in crude oil prices also seems to weigh on investor sentiment and dent demand for commodity-linked currencies, including Loonie. 

Now, with a sustained move above 100-day SMA strong resistance the pair seems all set to extend its near-term bullish momentum and rise could further get accelerated with a continuous slide in crude oil prices.

Technical levels to watch

From current levels, the pair could be aiming towards 1.3120 (June 27 high), above which it seems to head towards 1.3188 (May 24 high level). On the downside, 1.3000 psychological mark now become immediate support to watch for, below which the drop back to 1.2831 (July 4 low).