USD/CAD parked near 100-DMA ahead of BOC

The USD/CAD pair's attempted move beyond 100-day SMA got sold into and the pair has once again retreated back to 1.3250 region. 

Friday's upbeat Canadian economic data (employment details and Ivey PMI) continues to lend support to the Canadian Dollar and hindering any follow through buying interest around the major. Meanwhile, greenback retracement from session peak, with the key US Dollar Index reversing early gains, also collaborated to some selling pressure around the major during early NA session. 

However, weaker sentiment surrounding oil market, which tends to weigh on the commodity-linked currency - Loonies, was seen lending some support and limiting any further downslide. In fact, WTI crude oil has now plunged below $53.00 handle, posting a sharp slide of over 2.3% for the day. 

Meanwhile, the pair had a little reaction to comments from Fed's Rosengren (a non-voting member) that 3 rate-hikes in 2017 was reasonable and that the central bank is likely to reach 2% inflation goal by end or 2017. 

Next in focus would be the BoC's Business Outlook Survey for the fourth quarter, while from the US speeches by Atlanta Fed Dennis Lockhart might also provide some impetus during NY trading session. 

Technical levels to watch

A follow through buying interest above session peak resistance near 1.3275-80 region is likely to lift the pair beyond 1.3300 region, towards its next resistance near 1.3330-35 zone. On the flip side, sustained weakness below session low support near 1.3225 level now seems to drag the pair below 1.3200 round figure mark, towards testing its next support near 1.3175 level (Friday's low), en-route 1.3130 horizontal support.