FxWirePro: USD/CAD outlook weaker on renewed downside pressure

USD/CAD pair traded in lower range today in the early European session hitting as low as 1.4044 before rebounding towards 1.4095 levels, further advance towards higher levels should be limited around 1.4155 levels as the dollar is set to come under selling pressure as the Federal Reserve in today's FOMC meeting is broadly expected to issue a dovish statement. 

• In a short while New Home Sales followed by Crude Oil inventories data are set to be released which will have a significant impact on the currency pair.
   
• To the upside, the strong resistance can be seen at 1.4200, a break above will take the pair towards next resistance level at 1.4258.
   
• To the downside immediate support can be seen at 1.4064 levels, a break below will open the door towards next level at 1.4000.
  
  Recommendation: Go short around 1.4120, targets 1.4060, 1.3970, SL 1.4200
  
  Resistance Levels
  
  R1: 1.4126 (23.6% Retracement level)
  
  R2: 1.4200 (Psychological levels)
  
  R3: 1.4258 (Jan 11th high)
  
  Support Levels
  
  S1: 1.4064 (50% Retracement level)
  
  S2: 1.4000 (38.2% Retracement level)
  
  S3: 1.3927 (23.6% Retracement level