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    USD/CAD remains above 1.2900, despite oil recovery ahead of the Fed

    USD/CAD remains above 1.2900, near daily highs, despite the recovery in crude oil prices. The WTI barrel rose back above $48.00 andturned positive for the day, but the loonie continues to be among the worst performers in the currency market.Earlier better-than-expect economic data from Canada failed to boost the currency.  Manufacturing Sales rebounded in April, rising 1% above the 0.6% expected. Traders are now awaiting the decision and the statement of the Federal Reserve (18:00 GMT) and also Janet Yellen’s press conference (18:30 GMT).USD/CAD resumed the upsideEarlier the pair dropped to 1.0825/30, approaching yesterday’s lows but only to bounced sharply to the upside. Form the lows it climbed almost a hundred pips. Recently it peaked at 1.2919, the highest level since June 6. At the moment, it trades at 1.2910/15, up almost 50 pips for the day so far.The rally so far stopped in a key resistance area located at 1.2920; a consolidation on top could open the doors for further gains. Resistance above is seen at 1.2980 (last week high) and 1.3015 (Apr 11 high / May 30 & 31 low).To the downsides, support levels might now be located at 1.2875 (Asian session high), 1.2815 (June 14 low) and 1.2765 (June 9 high).


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