USD/CAD hits fresh session tops, 1.32 mark back on sight

   •  A goodish pickup in the USD demand helps reverse an early dip.
   •  Subdued oil price action does little to influence the Loonie.
   •  Traders eye US housing market data for some short-term impetus.

The USD/CAD pair reversed an early dip to 1.3155 area and turned higher for the second consecutive session, albeit remained well below overnight swing high.

The US Dollar reversed an early dip to near two-week lows and was seen as one of the key factors behind the pair's sudden uptick since the early European trading session. 

With investors looking past last week's dovish sounding comments by the Fed Vice Chair Richard Clarida, a fresh wave of global risk-aversion trade was seen boosting the greenback relative safe-haven appeal against its Canadian counterpart. 

Meanwhile, a subdued price action around oil market did little to influence demand for the commodity-linked currency - Loonie, with the USD price dynamics turning out to be an exclusive driver of the pair's momentum on Tuesday.

Moving ahead, traders now look forward to the US economic docket, featuring the release of housing market data, for some short-term impetus ahead of a scheduled speech by the BoC Senior Deputy Governor Carolyn Wilkins, later during the US trading session.

Technical levels to watch

The 1.3200 handle might continue to act as an immediate resistance, above which the pair is likely to aim towards challenging the 1.3250-60 heavy supply zone. On the flip side, the 1.3150-40 region now seems to have emerged as an immediate support, which if broken is likely to accelerate the fall towards the 1.3100 handle.