The pair will need some help from the Fed
The fall in oil wasn't enough for USD/CAD today in what's a sign that the trend is tiring. That's not a surprise given that the pair gained for eight straight days coming into today.
The pair rose as high as 1.3740 but backed off to 1.3702 in the past hour, leaving it fractionally lower on the day.
US dollar longs are probably closing positions ahead of the Fed and that's weighing on the pair. The dollar has drifted lower across the board over the past hour or so.
Hard US economic data has been disappointing since the last FOMC decision and the fear is that the statement could cool expectations for a June hike.