USD/CAD Technical Analysis: Fails near 100-DMA, dip-buying to help limit deeper losses

   •  The pair caught some aggressive bids on Wednesday and rallied to one-week tops, albeit struggled to build on the momentum further beyond 100-day SMA barrier.

   •  Upbeat Canadian building permits data prompted some additional long-unwinding trade in the last hour amid slightly overbought conditions on the 1-hourly chart.

   •  However, a strong follow-through USD buying interest, coupled with weaker oil prices might limit any subsequent slide below 200-hour SMA, at least for the time being.

   •  Moreover, oscillators on the 4-hourly chart continue to hold in the bullish territory and support prospects for some dip-buying interest to emerge at lower levels.

USD/CAD 1-hourly chart