USD/CAD tumbles to lows near 1.3150, FOMC on sight

The greenback lost its initial shine vs. its main rivals on Wednesday, now dragging USD/CAD to test fresh daily lows near 1.3150.

USD/CAD focus on Fed, oil

USD has faded its initial positive note following the BoJ meeting early in the Asian session.

Collaborating with the downside, CAD is deriving extra support from the ongoing recovery in crude oil prices, prompting the barrel of West Texas Intermediate to advance almost 2% to the vicinity of the $45.00 mark.

Later in the NA session, the FOMC meeting is expected to keep the monetary stance on hold, while the focus of attention will remain on the subsequent press conference by Chief J.Yellen.

USD/CAD significant levels

As of writing the pair is retreating 0.31% at 1.3151 facing the next support at 1.3060 (20-day sma) followed by 1.3046 (base of the 4-month rising channel) and then 1.2990 (100-day sma). On the other hand, a surpass of 1.3253 (high Jul.27) would open the door to 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3683 (top of the 4-month rising channel).