The Canadian dollar bounced off from its previous lows against its major counterparts in the European session on Wednesday.

The loonie recovered to 1.2855 against the greenback, 1.5093 against the euro and 88.17 against the yen, from its early lows of 1.2880, 1.5133 and 88.04, respectively.

Having dropped to near a 2-week low of 0.9742 against the aussie at 9:30 pm ET, the loonie reversed direction and advanced to 0.9721.

The next possible resistance for the loonie is seen around 1.27 against the greenback, 1.50 against the euro, 89.00 against the yen and 0.96 against the aussie.

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