The USDCAD pair fell as it hit its weekly high. The price could not move above the price of 1.25. The price has been falling to this price.
Later in the day, the FOMC will release the minutes of its June meeting. The Ivery Purchasing Managers Index data will be featured in the Canadian economic docket as well. The pair also rose to its highest level since late April. Oil prices fell by 2% on Tuesday, which weighed heavily on the commodity-based Canadian dollar. There is resistance at 1.2423, followed by resistance at 1.2517
The momentum stalled near the 1.2500 mark as the focus remains on the FOMC meeting minutes. The USD/CAD broke out on Monday, closing above trend line resistance at a two-week high. Target resistance on the currency pair is seen near the April highs at 1.2654. USD/CAD gains almost two hundred pips from European session lows. US Dollar Index stays above 92.30 ahead of PMI data.