used in French gunnery in reference to firing a piece on the level into open space to test how far it will carry.

[GoldfishLord]

But early references make no mention of a white target, and the phrase is possibly from a simplification of the French phrase de pointe en blanc, used in French gunnery in reference to firing a piece on the level into open space to test how far it will carry. In that case the blank represents "empty space" or perhaps the "zero point" of elevation. The whole phrase might be a French loan-translation from Italian.

Source: point-blank | Etymology, origin and meaning of point-blank by etymonline

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1. What's the meaning of "level"?
2. What's the reason why "the" is being used instead of "a"?

 

[Skrej]

1. horizontally flat. See noun 3, as well as noun 6a
2. Because there's only one instance where something is level. It's either level or at an angle.