USD/CAD is trading at 1.24074, 0.07% down since Tuesday. The stronger greenback amid the upcoming Fed meeting with a focus on monetary decision & future stance turned out to be slightly negative for other basket of currencies. Last week, the falling bond yields & rising equity markets amid inflation concern remained supportive for USD/CAD. The BoC meet left policy unchanged as expected & hinted for monetary support further if required. The focus will remain on Retail Sales data which is to be issued today. As seen in the chart, although the USD/CAD is trading in a bullish channel pattern; yet a slight correction may be expected on short term basis. Selling bias in CAD may be initiated against the USD for the day.

WTI Oil is trading at $62.89, 0.23% up since Tuesday. The mixed trading can be seen in Oil prices after OPEC+ said to raise oil output from the month May despite rising Covid-19 cases across the globe. The recent American Petroleum Institute (API) report showed a build-up in Oil stocks level by 4.31 mbpd against the expected rise of 0.37 mbpd which slightly dragged down the prices. Earlier, the prices slid down due to worsening Covid situation in India; surpassing daily toll of 350000 as this may affect the Oil consumption demand from one of leading consumers. The result of EIA report will be closely monitored on Wednesday. Slight buying may be recommended in WTI Oil for the day.

AUS200 is trading at 7039, 0.28% up since Tuesday. The Asian shares seems to be trading slightly stronger as market waits for the result of Fed meeting which is to be concluded today. Also, the focus will remain on U.S President Biden’s first address to Congress over taxation change reforms. Last week, the progress in global recovery & accommodative monetary policy from almost all the banks remained supportive factors for indices. The weaker than expected Australian inflation figures which grew by just 0.6% against the expectation 0.9% may slightly weigh down the AUS200. As seen in the chart, index successfully crossed the bullish channel pattern & hence, buying on corrective dips may be recommended on an intraday basis.