USD/CAD consolidates in a range around 1.24 mark

   •  CAD underpinned by Friday’s upbeat jobs data.
   •  Bullish oil prices offsetting resurgent USD demand.
   •  BOC’s business outlook survey awaited.

The USD/CAD pair lacked any firm directional bias and remained confined within a narrow trading range around the 1.2400 handle. 

The pair struggled to register any meaningful recovery and held within striking distance of over 3-month lows, touched in the aftermath of Friday's impressive Canadian employment figures. 

A goodish post-NFP US Dollar recovery, backed by expectations for an upcoming Fed rate hike move in March was seen lending support and helped limit any further losses. 

However, higher crude oil prices underpinned the commodity-linked currency - Loonie and so far capped the pair's recovery attempts at 1.2420 level. 

With the upcoming BOC rate hike (next week) nearly priced in the market, investors would now take cues from today's release of the quarterly BOC Business outlook survey for some fresh impetus. From the US, speeches by various FOMC members will influence the USD price dynamics amid a data-light US economic docket. 

Technical levels to watch

From current levels, the pair is likely to find immediate support near the 1.2370 level, which if broken is likely to accelerate the slide towards its next support near the 1.2300-1.2290 region. On the upside, sustained recovery beyond 1.2420 level might trigger a short-covering bounce towards 1.2485 level en-route the key 1.2500 psychological mark.