USD/CAD hit a daily high of 1.0207 in early Asian trade and has spent the rest of the day consolidating inside a slim range below that level. At time of writing, the cross is quoting around 1.0195/1.0200, where it posts a 0.2% gain on the day.

"The USD/CAD pair could still rise if pessimism continues to dominate markets, as uncertainty remains the main theme in markets, and that could also lead to deep fluctuations for the USD/CAD pair", said the FXEmpire.com Analysis Team.

In terms of technical levels, next resistances could be found at 1.0210, 1.0250 and 1.0270, while supports on dips are seen at 1.0190, 1.0175 and 1.0155.