USD/CAD bounces-off 128.00 handle, still weak for ninth straight session

A mild retracement in crude oil prices from monthly high assisted the USD/CAD pair to witness a tepid bounce from a fresh 8-week low. 

Currently hovering around 1.2830 region, the pair traded with negative bias for ninth consecutive session and remains within striking distance of breaking through 1.2800 round figure mark.

The greenback maintained its offered tone after Wednesday's perceived dovish FOMC meeting minutes. Adding to this, continuous up-surge in crude oil prices, supported by a surprise drop in US crude oil inventories, has been another factor supporting the commodity-linked currency - loonie. 

Next on tap will be weekly jobless claims, Philly Fed manufacturing index from the US, while Canadian economic calendar features a non-market moving release of Foreign Securities Purchases.

Technical levels to watch

Sustained weakness 1.2800 round figure mark is likely to attract fresh selling pressure, dragging the pair further towards its next major support near 1.2735-30 region. On the flip side, 1.2855-60 zone (near session high) seems to act as immediate resistance, above which the pair might confront a strong resistance near 1.2900 handle. Only a sustained move back above 1.2900 handle might negate possibilities of any further fall and is likely to boost the pair immediately towards 100-day SMA resistance near 1.2935 before aiming towards reclaiming 1.3000 psychological mark.