FXStreet (Edinburgh) - The Canadian dollar is now giving away part of the recent strong gains vs. its neighbor, pushing USD/CAD to the area of 1.4140, or daily highs. USD/CAD focus on Fed, oil Crude oil prices have been the almost exclusive driver behind the pair’s price action in the last months, prompting spot to quickly clinch fresh cycle highs in levels just shy of 1.4700 the figure days ago, just to drop to the sub-1.4100 area yesterday. Absent releases in Canada and apart from the performance of the West Texas Intermediate, the FOMC meeting will take centre stage later in the NA session, followed in relevance by New Home Sales and the EIA weekly report on crude oil inventories. USD/CAD significant levels As of writing the pair is up 0.39% at 1.4131 with the next resistance at 1.4215 (20-day sma) followed by 1.4327 (high Jan.26) and then 1.4554 (high Jan.15). On the other hand, a break below 1.4041 (low Jan.26) would aim for 1.3837 (3-month uptrend) and finally 1.3514 (100-day sma). Trade Federal Reserve interest rate decision with FXStreet - Live Coverage Trade the US GDP with FXStreet - Live Coverage For more information, read our latest forex news.