Investing.com - The U.S. dollar was almost unchanged near four-month highs against its Canadian counterpart on Wednesday, despite weak U.S. data, as investors were awaiting the Federal Reserve’s upcoming policy statement and as lower oil prices weighed on the Canadian currency.
USD/CAD hit 1.3211 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3180.
The pair was likely to find support at 1.3051, the low of July 22 and resistance at 1.3245, Tuesday’s high and a four-month peak.
The U.S. Commerce Department said durable goods orders fell 4.0% last month, compared to economists' expectations for a decline of 1.1%. May's orders were revised to a decrease of 2.8% from a previously reported 2.3% decline.
Core durable goods orders, which exclude volatile transportation items, fell 0.5% last month, compared to forecasts for a 0.3% gain.
Later Wednesday, most investors were expecting the Fed to leave its monetary policy unchanged, but they were hoping for hints on the timing of future rate hikes.
Meanwhile, the commodity-related Canadian dollar weakened as oil prices hovered near three-month lows on Wednesday ahead of the weekly data on U.S. stockpiles.
The loonie was steady against the euro, with EUR/CAD at 1.4494.