USD/CAD back below 1.3000

USD/CAD turned lower and erased most of its intraday gains, as risk aversion eased during the American session, putting pairs in reverse mode.

USD/CAD was rejected from an 8-day peak of 1.3055 and slid back below the 1.30 mark , finding support a few pips ahead of European session lows. At time of writing, USD/CAD is trading at 1.2987, just a few pips above its opening price as attention turns to FOMC minutes.

USD/CAD technical levels

In terms of technical levels, next supports are seen at 1.2943 (10-day SMA), 1.2903 (50-day SMA) and 1.2830 (Jul 4 low). On the flip side, resistances could be found at 1.3022 (100-day SMA), 1.3055 (Jul 6 high) and 1.3119 (Jun 27 high).