USD/CAD flat-lined around 1.3315 level, awaits data for fresh impetus

The USD/CAD pair's overnight recovery move ran out of steam near 1.3335 immediate resistance level and has now retreated back to 1.3310-15 band.

Spot ran through some fresh offers and erased all of its early gains amid lack of follow through greenback buying interest, with the key US Dollar Index struggling to extend previous session's up-move and confined in a narrow range around 100.20 region. 

Meanwhile, a softer tone surrounding WTI crude oil prices, which drives demand for the commodity-linked currency - Loonie, seems to be lending some immediate support and helping the pair to hold its neck above the 1.3300 handle. 

The 1.3300 mark coincides with 50-day SMA and hence, should continue to act as an important Pivot for the pair's intraday moves ahead of economic releases, later during the NA session. Today's economic docket features the release of Foreign Securities Purchases from Canada, while from the US housing market and industrial production data would be looked upon for short-term trading impetus. 

Technical levels to watch

Retracement back below the 1.3300 handle, leading to a subsequent drop below 1.3280 level (100-day SMA) now seems to drag the pair below 1.3260 (yesterday's low) towards testing 1.3245-40 horizontal support en-route the very important 200-day SMA support near 1.3220 region.

On the upside, only a sustained move above 1.3335 immediate resistance could open room for extension of the pair's recovery move towards 1.3380 intermediate resistance ahead of the 1.3400 handle and 1.3435-40 strong horizontal resistance.