GBP/USD, USD/CAD Technical Outlook: Key Levels for Fed Week

Technical analysis reveals critical levels for major pairs ahead of the Federal Reserve's rate decision. GBP/USD is consolidating near 1.3100, with resistance at 1.3150 and support at 1.3050, as traders await both Fed and Bank of England policy signals. The pair's 20-day moving average at 1.3080 is acting as a pivot point, with momentum indicators showing neutral bias. USD/CAD has broken below 1.3600 support, now turned resistance, as oil prices remain elevated and Fed cut expectations weigh on the dollar. The pair is targeting 1.3520 support, with the 200-day moving average at 1.3650 capping any upside attempts. S&P 500 futures are holding above 5,600, suggesting risk-on sentiment that typically favors commodity currencies like CAD. Both currency pairs are likely to see increased volatility around the Fed announcement, with technical levels providing clear risk/reward setups for traders positioning ahead of the event.