USD/CAD bounces off 1.3210, FOMC eyed

The greenback is trading on the back footing vs. its Canadian counterpart on Wednesday, now taking USD/CAD to the 1.3220/25 band.

USD/CAD looking to FOMC, Fedspeak

The pair is retracing part of yesterday’s important advance to the area of 1.3270 backed by a solid performance of the greenback, which today’s seems to be taking a breather.

Crude oil prices remain well supported around the $51.00 mark, albeit deflating a tad from recent highs in the $51.60 region ahead of the weekly report on crude stockpiles by the API to be released later today.

Ahead in the session, absent docket in Canada will leave all the attention to the FOMC minutes and speeches by New York Fed W.Dudley and Kansas City Fed E.George (voter, hawkish).

USD/CAD significant levels

As of writing the pair is retreating 0.31% at 1.3223 facing the next hurdle at 1.3314 (high Oct.7) followed by 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breach of 1.3199 (200-day sma) would open the door to 1.2996 (low Sep.22) and then 1.2818 (low Sep.7).