USD/CAD: Bears attacking 1.30 handle, Jobs data eyed

The USD/CAD pair wiped-out gains and turned lower in the European session, extending its losing streak for the fourth straight session as focus now shifts towards the employment numbers from both the North American economies.

USD/CAD ignores Oil weakness                      

Currently, the USD/CAD pair trades -0.06% lower at 1.3016, launching attack towards 1.3000 levels. The major is seen losing ground largely on the back of renewed broad based US dollar weakness, as traders adjust their positions ahead of the US NFP data release. Meanwhile, the US dollar index slides -0.18% to 95.58 levels, reversing a spike to 95.75.

However, the downside remains cushioned as weaker oil prices continue to undermine the resource-linked Loonie. Both crude benchmarks snapped a 2-day rebound and fell in the red this session, now losing nearly -0.40% each.

Later today, the labour market reports from both Canada as well as from the US will be closely monitored for next direction on the major.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3066/68 (5 & 20-DMA) and 1.3095 (10-DMA). To the downside, immediate support might be located at 1.2981 (50-DMA) and below that at 1.2921 (100-DMA).