USD/CAD remains depressed below 1.2800 mark as the market is focused on FOMC decision. USD/CAD is currently ranging within an ascending channel. We could see a dip and then a move up.

The currency pair maintained its offered tone through the first half of the European session, albeit has managed to rebound few pips from daily lows. The pair was last seen trading just below the 1.2800 mark, down over 0.15% for the day.

A combination of factors failed to assist the USD/CAD pair to capitalize on the previous day's rebound from the 1.2745-40 region, instead prompted fresh selling on Wednesday. The risk-on impulse in the markets weighed on the safe-haven US dollar.

The POC zone comes around 1.2650 and we could see a move to the upside. However, watch for the FOMC today. If the markets dips to the POC watch for a bounce. Above 1.2890 we should see a bullish move. The target then will be 1.3060. Below 1.2550 watch for 1.2478 and 1.2341 as the price will turn bearish.