USD/CAD Technical Analysis: Bearish slide pauses near 50% Fibo. level ahead of BoC/FOMC minutes

   •  The USD/CAD pair remained under some heavy selling pressure for the fifth consecutive session and fell to over one-month lows, around the 1.3225 region on Wednesday.

   •  The overnight rejection from an important confluence support break-point, now turned resistance, point to an extension of the sharp corrective slide from over 19-month tops. 

   •  However, oversold conditions on hourly charts helped find some support near 50% Fibo. retracement level of the early Oct. to early Jan. upsurge of nearly 900-pips.

   •  Meanwhile, oscillators on daily chart have just been gaining negative traction and are still far from being oversold, suggesting that any attempted bounce might get sold into.

   •  The price-action clearly indicate that traders are holding back from placing aggressive bets ahead of the key event risks - BoC policy decision and the FOMC meeting minutes.

USD/CAD daily chart