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A broad based US Dollar sell-off has been a key theme on Tuesday, with the USD/CAD pair breaking below 1.2900 handle to currently trade at its lowest level since July 15 at 1.2870 region.
The pair remained well offered and is now extending its slide for seventh straight session, moving further below 100-day SMA. The ongoing slide is backed by continuous rally in crude oil prices. Moreover, fading expectations of an eventual Fed rate-hike action in 2016 is weighing heavily on the greenback and exerting further selling pressure on the major.
However, today economic releases - CPI, housing starts and industrial production data from the US along with the release of manufacturing sales from Canada, could provide some respite for bulls. However, spotlight will remain on Wednesday's FOMC meeting minutes that would provide an insight over the Federal Reserve's monetary policy outlook and help investors to determine the near-term direction of the major.
Technical levels to watch
From current levels, 1.2860 (July 15 lows) seems to provide immediate support, below which the pair could immediately aim towards July monthly lows strong support near 1.2830 level. Meanwhile, any rebound from current levels now seems to confront immediate resistance near 1.2900 round figure mark and any further recovery might now be capped at the very important 100-day SMA, support break-point turned strong resistance, near 1.2940 region.
