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U.S. Dollar Index gains ground as traders wait for Fed Interest Rate Decision, which will be released soon. Analysts expect that the Fed will leave the interest rate unchanged. The Fed will also issue FOMC Economic Projections, which may have a material impact on market dynamics.
If U.S. Dollar Index stays above the 50 MA at 103.64, it will head towards the nearest resistance level, which is located in the 104.30 – 104.50 range.
USD/CAD is moving higher as demand for commodity-related currencies declines ahead of Fed decision.
A successful test of the resistance at 1.4330 – 1.4350 will push USD/CAD towards the next resistance level at 1.4485 – 1.4500.
USD/CAD 4h Chart
