USD/CAD refreshes session tops, above mid-1.2800s ahead of Canadian GDP

   •  Regains positive traction despite USD selling.
   •  Weaker oil prices weigh on commodity-linked Lonnie.
   •  Traders eye Canadian GDP for fresh impetus.

The USD/CAD pair caught some fresh bids in the past hour or so and jumped back above mid-1.2800s, back closer to yesterday's 2-1/2 month tops.

The pair stalled overnight sharp pull-back, triggered following the US President Donald Trump's announcement to impose steep tariffs on imported steel and aluminium, and found some decent support near the 1.2800 handle. 

The USD held on the back-foot through the mid-European session and hence, the pair's latest leg of uptick could be solely attributed to some renewed weakness in the oil market. In fact, WTI crude oil has now dropped to its lowest level since mid-Feb., which was seen weighing on the commodity-linked currency - Loonie and eventually driving the pair higher. 

Moving ahead, today's key focus would be on the monthly Canadian GDP growth figures, which along with the release of Revised UoM Consumer Sentiment index from the US would be looked upon for some fresh impetus on the last trading day of the week. 

Technical levels to watch

Immediate resistance is now pegged near the 1.2880 level and is followed by the 1.2900 handle, above which the pair seems all set to aim towards surpassing 1.2915-20 supply zone before eventually darting towards reclaiming the key 1.30 psychological mark. 

On the flip side, the 1.2835 level now becomes an immediate support to defend, which if broken could drag the pair back towards the 1.2800 handle. A follow-through weakness has the potential to continue dragging the pair further towards 1.2750 support area.