#USDCAD @ 1.33136 seesaws between tepid gains/minor losses heading into the North American session. (Pivot Orderbook analysis)

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• USD/CAD seesaws between tepid gains/minor losses heading into the North American session.
• A modest uptick in oil prices underpins the Loonie and acts as a headwind amid a weaker USD.
• Traders now look to the US macro data for some impetus ahead of the critical FOMC decision.

The pair currently trades last at 1.33136.

The previous day high was 1.3472 while the previous day low was 1.33. The daily 38.2% Fib levels comes at 1.3365, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3406, expected to provide resistance.

The USD/CAD pair attracts some intraday sellers following an early uptick to the 1.3325 area and drops to its lowest level since November 16 on Thursday. Spot prices, however, recover a few pips and hold steady above the 1.3300 mark heading into the North American session.

A modest uptick in crude oil prices underpins the commodity-linked Loonie, which, along with a modest US Dollar weakness, acts as a headwind for the USD/CAD pair. The upside for the black liquid, meanwhile, remains capped amid expectations that OPEC+ will endorse their current output targets. Apart from this, the prevalent cautious market mood lends some to the safe-haven greenback and contributes to limiting the downside for the major, at least for now.

Traders also seem reluctant to place aggressive directional bets and prefer to wait on the sidelines ahead of the highly-anticipated FOMC monetary policy decision. The US central bank is widely expected to slow the pace of its policy tightening further and hike interest rates by 25 bps points. That said, the recent US macro data pointed to an economy that is resilient despite rising borrowing costs and backed the case for the Fed to stick to its hawkish stance.

Hence, the focus will be on the accompanying monetary policy statement and Fed Chair Jerome Powell’s remarks at the post-meeting press conference. Investors will look for cues about the future rate-hike path, which will play a key role in influencing the USD. Heading into the key central bank event risk, traders will look to the US economic docket – featuring the release of the ADP report on private-sector employment, ISM Manufacturing PMI and JOLTS Job Openings.

Technical Levels: Supports and Resistances

USDCAD currently trading at 1.3308 at the time of writing. Pair opened at 1.3305 and is trading with a change of 0.02 % .

The pair is trading below its 20 Daily moving average @ 1.3406, below its 50 Daily moving average @ 1.35 , below its 100 Daily moving average @ 1.353 and above its 200 Daily moving average @ 1.3214

The previous day high was 1.3472 while the previous day low was 1.33. The daily 38.2% Fib levels comes at 1.3365, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3406, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.3246, 1.3187, 1.3074
• Pivot resistance is noted at 1.3418, 1.3531, 1.359

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