USD/CAD pair consolidates around 1.4100 mark
The USD/CAD pair is seen consolidating around the 1.4100 mark during the Asian session as traders await the outcome of a two-day FOMC policy meeting.
The USD remains on the defensive below a one-month top, touched on Tuesday, as bulls turn cautious heading into the key central bank event risk. A solid recovery in crude oil prices from an over two-week low underpins the commodity-linked Loonie.
Persistent geopolitical uncertainties should support the safe-haven Greenback and limit the downside for the currency pair. Iran’s Islamic Revolutionary Guard Corps launched multiple ballistic missiles at US forces in the Middle East on Tuesday.