USD/CAD reaches 1.0638 daily highs

FXstreet.com (Chicago) - USD/CAD has gained 0.23% so far today ahead of the opening of the American trading session and the release of the Fed’s conclusions about the monetary policy this month.

Fed’s unchanged decision?

With futures contracts making small advancements ahead of the Fed’s decision, the greenback valuates against the loonie and hits fresh highs. The overall sentiment across the markets indicates an unchanged decision may be being discounted.

USD/CAD Technical Levels

Price action reveals the pair reaches 1.0638 session highs and consolidates the reversal that stalled and struggled to materialize at the start of this week. Offered at 1.0631, the pair navigates between the supports aligned at 1.06 (November 27th highs), 1.0571 (December 16th lows) ahead of 1.0519 (November 26th lows) and the resistances set at 1.0636 (December 4th lows), 1.0665 (December 13th highs) followed by 1.07 (December 5th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.