Investing.com - The U.S. dollar slid lower against its Canadian counterpart on Wednesday, as demand for the greenback remained pressured by ongoing uncertainty over the timing of a U.S. rate hike and as markets eyed U.S. home sales data due later in the day.
USD/CAD hit 1.2212 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2240, sliding 0.34%.
The pair was likely to find support at 1.2084, the low of April 17 and resistance at 1.2329, the high of April 16.
Sentiment on the greenback remained vulnerable as investors pushed back expectations for higher U.S. interest rates after a recent streak of soft economic data dampened optimism on the country's recovery.
The loonie was higher against the euro, with EUR/CAD shedding 0.37% to 1.3135.
The euro remained under pressure as the Greek government was no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that the country could be forced out of the euro zone.
On Tuesday Bloomberg reported that the European Central Bank is considering tighter rules on Greek banks in return for emergency liquidity, adding to pressure on Athens.
Later in the day, the U.S. was to release data on existing home sales.