USD/CAD holding with minor gains above 1.3200 handle

The USD/CAD pair resumed its near-term bullish momentum and is now trading comfortably above 1.3200 handle amid mildly bullish sentiment surrounding the greenback. 

Currently trading around 1.3220 level, the pair has now reversed all of Tuesday's corrective move from a multi-month high level of 1.3280. The pair, however, seems to be lacking follow through momentum as recovery in crude oil prices is seen extending some support to the Canadian Dollar. 

Traders will remain focus on any news coming out of an informal meeting of major oil producers, which would drive oil prices and eventually effect commodity-linked currency - loonie. The official EIA report on weekly US crude inventory is also scheduled for release on Wednesday later during NY trading session. 

Market participants will also be focusing on the Fed Chair's Janet Yellen's testimony and speeches from various other FOMC members. Meanwhile, the release of durable goods orders data from the US, during early NA session, will be looked upon to grab some short-term trading opportunities.

Technical levels to watch

Move above 1.3230 level is likely to confront resistance near 1.3250-60 region above which the pair seems all set to head back towards Tuesday's multi-month high resistance near 1.3280 and eventually reclaim 1.3300 handle.

On the flipside, 1.3200 round figure mark now seems to protect any downslide. However, a break below 1.3200 immediate support could force the pair back towards yesterday's swing low support near 1.3160-50 region, also nearing 100-hourly SMA.