USD/CAD flat-lined around 1.3050 ahead of economic releases

The USD/CAD pair's tepid recovery attempt to the very important 200-day SMA got sold into and the pair dropped back to currently trade near yesterday's closing level around 1.3050-60 band. 

An upbeat sentiment around the greenback extended some support and helped the major to recover from session low near 1.3020 region. However, as oil staged some recovery from lower levels, the pair lost is recovery momentum around 200-day SMA region. Crude oil prices remained under pressure after Wednesday's EIA report showed yet another rise in US inventories, which has resurfaced concerns of a global supply glut.

Traders now turn their focus to economic data, slated for release during NA session, which includes - weekly jobless claims and import price index from the US and Canadian NHPI. 

Technical levels to watch

On the upside, 200-day SMA near 1.3085 region remains immediate hurdle, which if conquered should boost the pair immediately towards 1.3125-30 horizontal resistance ahead of its next major resistance near 1.3170-75 region.

On the flip side, break below session low support near 1.3020 has the potential to drag the pair even below yesterday's low support near 1.2990 level, towards testing 100-day SMA support near 1.2950 region.