USD/CAD finds resistance at 1.3200, bounces toward 1.3160 ahead of FOMC

By FXStreet FXStreet (Córdoba) – USD/CAD attempted to rise above 1.3200/05 during several hours but it failed to do so and lost strength. Recently moved to the downside as crude oil prices reached fresh daily highs, approaching 1.3160.

Currently the pair trades at 1.3175, around the same level it closed yesterday while WTI settles at $47.00 after reaching $47.65, the highest level in almost two weeks. Yesterday USD/CAD dropped from 1.3250 to 1.3158, 1-week low; breaking important intraday levels, but the area around 1.3160 offered support.

Quiet market ahead of Fed

The main event today will be the Federal Reserve decision that will be followed by Janet Yellen press conference. Tomorrow in Canada, key inflation data will be released.

Price action remains quiet in USD/CAD and also across the forex market, as traders await the outcome of the Fed’s meeting. So far, the distance between the high and the low of the day of the pair is below 40 pips, a very low figure.
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Source:: FX Street