USD/CAD dips back below 1.2900

USD/CAD has managed to recover some ground on Wednesday, snapping an 8-day losing streak, as the greenback takes a breather ahead of the FOMC minutes release.

USD/CAD bounced from below 1.2800 on Tuesday and climbed to a daily peak of 1.2917 before losing momentum. The pair has slipped back below 1.2900 and it was last trading at 1.2880, still up 0.15% on the day.

USD/CAD levels to consider

As for technical levels, immediate supports seen at 1.2845 (Aug 17 low), 1.2798 (Aug 16 low) and 1.2710 (Jun 24 low). On the other hand, immediate resistances line up at 1.2935 (100-day SMA), 1.2985 (50-day SMA), 1.3012 (10-day SMA) and 1.3079 (Aug 11 high).