Breaks trend line in the process
The USDCAD is another pair which has moved to a technical level as the FOMC decision is awaited (the EURUSD and AUDUSD are testing the 200 hour MA, the USDJPY is testing support at the 120.73-81). The GBPUSD is also up testing a resistance target at the 1.4685 area.
For the loonie, the pair has it's sites on the 100 bare MA. That level comes in at the 1.27645 level currently. Through the release, the 200 hour MA will be eyed below (green line); That comes in at 1.2708. The price has not traded below the 200 hour MA since March 6.
As Ryan so correctly put it, "there's no real news behind the moves but traders will be exiting/adjusting positions and the lower liquidity will see these moves having a wider effect than normal."