USD/CAD: range-play intact ahead of NFP

   •  A modest USD rebound/softer oil prices help regain some traction.
   •  NFP report eyed for the required momentum to breakthrough near-term range. 

The USD/CAD pair traded with a positive bias through the early European session and is currently placed at fresh session tops, around the 1.2865-70 region.

Despite good two-way moves over the past two-weeks, the pair has been struggling for a firm near-term direction and continues to oscillate within a broader trading range just above its 50-day moving average. 

Even the recent US Dollar upsurge, which halted post unimpressive FOMC statement, did little to assist the pair to build on its recovery move from 2-month lows touched on April 17th. 

Today's modest uptick could be attributed to some renewed USD buying, with a mildly softer tone around crude oil prices further weighing on the commodity-linked currency - Loonie and providing an additional boost. 

Meanwhile, investors are likely to wait for a decisive break through the 1.2800-1.2900 trading band before positioning for the next leg of the directional move and look forward to the US NFP report for some meaningful impetus. 

Technical levels to watch

Any subsequent up-move might continue to confront resistance near the 1.2900-1.2910 region, above which the pair is likely to aim towards challenging the 1.2940-45 supply zone before eventually darting towards the key 1.30 psychological mark.

On the flip side, the 1.2830 region (50-DMA), followed by the 1.2800 handle might continue to protect the immediate downside, which if broken might turn the pair vulnerable to slide towards 1.2745 intermediate support en-route the 1.2700 mark.