• USD/CAD edged higher on Wednesday but gains were limited as investors awaited Federal Reserve's policy decision due later in the session.
•The Federal Reserve is widely expected to hold interest rates steady, as policymakers assess the impact of economic uncertainties, including trade tensions and inflation trends.
•The Fed has previously signaled it’s in no rush to cut rates, and market consensus suggests no rate cuts are likely before July.
.• The Fed's policy decision is due at 1400 ET (1800 GMT) today, followed by Chair Jerome Powell's speech. The market will watch out for cues on policy outlook.
• Immediate resistance is located at 1.3845 (May 6th high), any close above will push the pair towards 1.3892(50%fib).
• Support is seen at 1.3745(23.6%fib) and break below could take the pair towards 1.36968(Lower BB).
Recommendation: Good to sell around 1.3800, with stop loss of 1.3900 and target price of 1.3740
