USD/CAD plunges below 1.3000 psychological mark

Extending its downslide below 200-day SMA, the USD/CAD pair now dropping below 1.3000 psychological mark to hit a fresh session low.

The greenback weakened across the board, sending the major sharply lower for third consecutive session. The pair plummeted below 200-day SMA to extend its reversal from weekly high level around 1.3200 neighborhood. 

Recovery in crude oil prices from session low around $42.00 region is also benefitting commodity-linked currency - Loonie, and is contributing to the ongoing selling pressure surrounding the USD/CAD pair. 

Technical levels to watch

On a sustained break below 1.3000 psychological mark support, the pair seems to immediately 1.2970 intermediate support ahead of 100-day SMA strong support near 1.2950-45 region. Meanwhile on the upside, any attempts of recovery might now confront immediate resistance around 1.3030 region, above which the recovery momentum could get extended towards 1.3075-80 horizontal zone.