USD/CAD dropped over 80 pips from daily highs and hit its lowest since Oct 31 at 0.9962 before stemming the decline. The pair has spent the last hours consolidating just above that level and it is presently at 0.9975 recording a 0.5% loss on the day.

In terms of technical levels, immediate supports are seen at 0.9960 (200-day MA) and 0.9890 while resistances could be found at 1.0010, 1.0050 and then at 1.0070.