USD/CAD briefly rises above 1.2900

USD/CAD extended gains during the American session and reached 3-day highs as the loonie suffered on the back of lower oil prices and mostly disappointing Canadian data.

USD/CAD broke above the 1.29 mark and climbed to a high of 1.2934, stalling a few pips ahead of the 100-day SMA, which is acting as dynamic resistance. At time of writing, the pair is trading at 1.2905, still up 0.17% on the day.

On the data front, Canadian building permits rose only 0.8% in July, below the 3.0% expected while separated data showed capacity of utilization dropped to 80.0% in the second quarter.

USD/CAD levels to watch

As for technical levels, next  resistances line up at 1.2940 (100-day SMA) and 1.2986 (10-day SMA). On the other hand, supports are seen at 1.2850 (Sep 8 low),  1.2822 (Sep 7 low) and 1.2763 (Aug 18 low).