USD/CAD Technical Analysis: 61.8% Fibo. level of the recent upsurge tested ahead of FOMC minutes

   •  The pair extended overnight bearish slide below 100-day SMA support and remained under some heavy selling pressure for the fourth consecutive session on Wednesday.

   •  The pair has now dropped to 61.8% Fibonacci retracement level of the 1.3069-1.3340 recent upsurge, which if broken might accelerate the slide towards 200-day SMA.

   •  Technical indicators on hourly/daily charts are holding in the negative territory and point to further downside, despite a modest USD rebound/pull-back in oil prices.

   •  However, a sustained recovery back above the 1.3200 handle might trigger a short-covering bounce towards 100-DMA support turned resistance, near the 1.3235 region.

USD/CAD 1-hourly chart