THE dollar was trading almost level with its local close on Friday, failing to stay above the US101.50c mark.
At 7am (AEDT) today, the local unit was trading at US101.30c, a touch higher than its Friday close of US101.28c.
Since 5pm on Friday, the dollar traded between US100.88c and US101.58c.
Westpac senior market strategist Imre Speizer said the dollar was maintaining its levels because of a weak US dollar and a strong euro.
"Right now the sentiment is tending to be pro-euro and anti-US dollar," Mr Speizer said from Wellington.
"There were some hawkish comment from European Central Bank officials that gave the euro a boost.
"There's really no big thing to put your thumb on, US equities closed higher, a two and a half year high, so risk appetite is still optimistic and the Aussie dollar continues to chug onwards and upwards," he said.
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Key data out later this week includes Australian capital expenditure data for the December quarter.
"You probably won't see much support for the Aussie dollar from the domestic data releases this week," Mr Speizer said.
"The lead is more likely to be from offshore and on that front it will be whatever the US dollar does and I suspect the US dollar will take its main lead from US Treasuries."
Mr Speizer said the dollar is having trouble rising above it's current levels.
"There is some resistance at US102.00c and then US102.50c and if it can clear those two then its off to the races.
"But you would expect that history will repeat and it will be held in that area again and it will eventually tick down from these lofty levels."
Mr Speizer said he expected the dollar to trade in a range between US101.20c and US102.00c today.
US markets will be closed today because of the President's day public holiday.
Stocks retreat; Dow off by 37Dollar moves higher on easing speculation
