The USD/CAD currency pair is on the rise, hitting a key resistance level at 1.3750 during the European trading hours on Wednesday. The Canadian Dollar, colloquially known as the Loonie, gains momentum as the US Dollar bounces back from its recent dip. This recovery follows Federal Reserve (Fed) Chair Jerome Powell’s unexpectedly moderate stance on future interest rate hikes, as indicated in the latest monetary policy meeting where he suggested a possible reduction in rates within the year.