USD/CAD back to square one ahead of FOMC minutes

USD/CAD retreated from daily highs over the last hours as investors turn their attention to FOMC meeting minutes to be released at 18:00 GMT.

USD/CAD retreated from a peak of 1.3287 to trade slightly lower on the day around 1.3140 at time of writing. From a wider view, the pair is trading near multi-year highs amid firm expectations of another rate hike by the Fed before year-end.

Meanwhile, domestic risk is limited ahead of next week’s Bank of Canada policy decision and quarterly forecast update.

USD/CAD levels to consider

In terms of technical levels, USD/CAD could find next resistances line up at 1.3313 (Oct 7 high), 1.3404 (Mar 16 high) and 1.3445 (Mar 9 high). On the other hand, supports are seen at 1.3198 (200-day SMA), 1.3175 (21-day SMA) and 1.3138 (Oct 10 low).