FxWirePro: USD/CAD largely rangebound into NY session, focus on FOMC minutes

Oil pares gains on an unexpectedly large rise in U.S. inventory levels, but set for largest 1-week rise since Aug 

• U.S. crude stocks rose by 3.1 mln barrels to 461 mln last week as refineries cut output and idled capacity, expectation was for a rise of 2.2 mln barrels
   
• Underpinning the crude complex was a drop in the dollar ahead of the FOMC minutes, which may offer some insight into the outlook for interest rates
   
• USD/CAD was largely rangebound on the day, currently trading at 1.3033, day's range 1.3021/3071
   
• Canadian Housing Starts are due ahead followed by the weekly report on the US labour market
   
• Later in the day, the FOMC minutes will take centre stage along with speeches by Bullard, Kocherlakota and Williams

Resistance Levels:

R1: 1.3052 (session highs Oct 7th)

R2: 1.3111 (55 EMA)

R3: 1.3134 (Daily High Oct 6)

Support Levels:

S1: 1.2992 (Session Low Oct 7)

S2: 1.2952 (Daily low Aug 12)

S3: 1.2944 (Daily Low Jul 30)