Investing.com - The U.S. dollar edged lower against its Canadian counterpart on Wednesday, pulling back from an 11-1/2 year high as a slight recovery in oil prices lent some support to commodity-related currencies.
USD/CAD hit 1.3548 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3543, sliding 0.32%.
The pair was likely to find support at 1.3361, Monday's low and resistance at 1.3621, Tuesday's high and an 11-1/2 year peak.
The commodity-linked Canadian dollar strengthened as a selloff in commodities eased on Wednesday after data showing that Chinese inflation picked up last month.
Oil prices fell to the lowest level since early 2009 on Tuesday, before recovering slightly.
The renewed selloff came after the Organization of the Petroleum Exporting Countries failed on Friday to agree on an oil production ceiling, adding to fears over a global supply glut.
But the greenback still remained broadly supported after Friday's strong U.S. employment data fuelled further expectations that the Federal Reserve will hike interest rates for the first time since 2006 at its upcoming meeting on December 15-16.
The loonie was lower against the euro, with EUR/CAD advancing 0.46% to 1.4866.