USD/CAD confined in a narrow trading range around 1.25 mark

The USD/CAD pair lacked any firm directional bias and oscillated in a 25-pips narrow trading range around the key 1.2500 psychological mark. 

The pair traded with minor losses for the second consecutive session and was being weighed down by the prevalent bullish sentiment around crude oil prices, which tends to benefit the commodity-linked currency - Loonie. 

Higher oil prices, supported by the OPEC's willingness to extend the production cut agreement, negated Tuesday's disappointing Canadian housing market data and dragged the pair farther from Friday's one-month highs, near the 1.2600 handle touched in the aftermath of NFP report. 

However, a goodish pickup in the US Treasury bond yields, amid possibilities of a third Fed rate hike action by the end of this year, helped limit deeper losses, at least for the time being. 

   •  US Dollar struggles around 93.00 ahead of FOMC minutes

Later during the day, publication of the FOMC meeting minutes would grab all the attention and provide some fresh impetus for the pair's near-term trajectory. 

   •  US: FOMC minutes and Fed speak in focus today - TDS

Technical levels to watch

Sustained weakness below the 1.25 mark, leading to a subsequent break below 1.2480-85 support area, is likely to drag the pair towards an intermediate support near 1.2445 level en-route 1.2415 support.

On the upside, the 1.2520-25 region seems to have emerged as immediate resistance, above which the pair is likely to make a fresh attempt to reclaim the 1.2600 mark with some intermediate resistance near the 1.2570 region.