USD/CAD briefly rises above 1.3100 as oil tumbles

USD/CAD climbed nearly 100 pips throughout the day and briefly rose above the 1.31 mark, before the 10-day SMA offered resistance.

The Canadian dollar came under pressure amid oil weakness, as WTI tumbled almost 4% and slid below $40.00 a barrel.

USD/CAD reached a peak of 1.3111 during the New York session before entering a sideways phase nearby. At time of writing, the pair is trading at 1.3097, still up 0.59% on the day.

USD/CAD levels to watch

In terms of technical levels, next resistances are seen at 1.3111/17 (Aug 1 high/10-day SMA), 1.3185 (Jul 29 high) and 1.3253 (Jul 27 high). On the flip side, supports could be found at 1.3000 (Jul 29 low/psychological level), 1.2971 (50-day SMA) and 1.2947 (100-day SMA).