FxWirePro: USD/CAD range bound short term, primary trend still lower

• USD/CAD traded in tight range on Wednesday  as attention shifted to a crucial interest rate decision by the U.S. Federal Reserve, due later in the day.

•   The Fed is expected to hold rates steady, with investors focusing on policymakers' comments for guidance on navigating trade-related uncertainty.

• The Group of Seven (G7) summit concluded amid visible divisions among member nations, particularly over how to approach the ongoing conflict in Ukraine.

•Despite the discord, Canada reaffirmed its commitment to Ukraine by announcing additional aid, underscoring its continued support for Kyiv in the face of Russian aggression.

  • In a strategic move to diversify Canada's global partnerships and reduce its economic dependence on the United States, Carney extended invitations to a number of influential non-G7 nations   including Mexico, India, Australia, South Africa, South Korea, and Brazil.

•This outreach reflects Ottawa’s intent to build a broader coalition of like-minded countries and expand trade and diplomatic engagement beyond traditional Western allies.

• Immediate resistance is located at 1.3723(38.2%fib), any close above will push the pair towards 1.3866(50%fib).

• Support is seen at 1.3550(23.6%fib) and break below could take the pair towards 1.3520(Lower BB).

Recommendation: Good to sell around 1.3690, with stop loss of 1.3760 and target price of 1.3600