USD/CAD Consolidates

USD/CAD has consolidated around the level 1.2860. The pair has been trading to the upside lately as the USD made some gains against major competitors, EUR included. USD/CAD however has gotten into congestion point just a few points below the short-term resistance.

As short-term resistance stands at 1.2910, USD bears might prepare another run towards their goal and if successful, they might even go for medium term resistance at 1.3160.

On the other hand, bears could try and bring the price down which would be highly unlikely to happen before the FED release.

FED is preparing to release their latest decision on Interest Rates and the market is already expecting .25% raise from 1.25% to 1.50%. They have mentioned multiple times that they do not want this to be a surprise for the market but still heavy volatility is to be expected today evening 19:30 GMT.

Chart: USD/CAD H4