The Fed is expected to raise rates by 25 bp to 5.25%-5.50% at the end of its July meeting, but guidance is likely to be more important to the U.S. dollar and gold's prospects than rate hike itself, which is already fully priced in.
USD/CAD Price Outlook: The Bank of Canada hiked rates by 50bps accompanied by a dovish outlook keeping USDCAD on the offensive. YTD high looks vulnerable as FOMC approaches.