USDCAD Bouncing Ahead Of FOMC

The USDCAD found a bit of bounce in its step On Wednesday.  The cross managed to gain a bit of traction and stop in tumble lower.  The pair managed to claw its way of support at .9725 to move about mid-range.  Resistance is now just above at .98.  The FOMC meeting results will have an interesting effect on this pair.  If additional QE is announced, the cross could move down once again as oil price would most likely rise with dollar weakness.  If the FOMC disappoints a move back towards .9950 could be in the horizon.

Sup   .9725

Res    .98
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