USD/CAD risks breaking below 1.3300 mark despite stronger US data

   •  The USD selling remains unabated despite stronger Empire manufacturing index.
   •  Bullish traders also seemed unimpressed by a follow-through pullback in oil prices.
   •  Investors now eye BoC’s quarterly business outlook survey results for fresh impetus.

The USD/CAD pair finally broke down of its daily consolidative trading range and has now moved on the verge of breaking below the 1.3300 round figure mark.

The pair extended last week's rejection slide from just ahead of the 1.3400 round figure mark and met with some fresh supply for the second consecutive session on Monday amid persistent US Dollar selling bias. 

The greenback remained depressed on the back of the US President Donald Trump's latest criticism about the Fed's policy tightening, which reinforced market expectations that the central bank will hold steady through 2019.

This coupled with continuous improvement in the global risk sentiment further collaborated towards denting the greenback's relative safe-haven status and did little to lend any support to the major. 

Meanwhile, the USD bulls seemed rather unimpressed by stronger than expected release of Empire State Manufacturing Index, which jumped to 10.1 for April from 3.7 recorded in the previous month and 6 expected. 

Even a follow-through pullback in crude oil prices - now down over 1.0% for the day, which tends to undermine demand for the commodity-linked currency - Loonie, also did little to stall the ongoing downfall.

Moving ahead, market participants now look forward to the BoC's quarterly Business Outlook Survey results for some meaningful trading opportunities ahead of this week's other important macro data from the US and Canada.

Technical levels to watch