The Canadian Dollar (CAD) is largely flat on Wednesday as broader markets await a key appearance from the US Federal Reserve.

The US Federal Reserve (Fed) will announce monetary policy decisions following the April 30 - May 1 policy meeting on Wednesday.

The US Dollar Index (DXY) is trading mildly lower on the day at 106.2 ahead of the highly-anticipated Federal Open Market Committee (FOMC) monetary policy decision.

The Pound Sterling (GBP) extends its downside below the psychological support of 1.2500 against the US Dollar (USD) during Wednesday’s early American session.

The EUR/USD pair is trading mildly higher at 1.0682, with a daily variation of 0.12% on Wednesday’s session.

Gold price (XAU/USD) rebounds slightly to $2,300 in Wednesday’s early New York session.

The Pound Sterling is virtually unchanged against the US Dollar following the release of mixed Purchasing Managers Index (PMI) data from S&P Global and the Institute for Supply Management (ISM).

United States EIA Crude Oil Stocks Change came in at 7.265M, above expectations (-2.3M) in April 26

Silver price (XAG/USD) recovers strongly from four-month low of $26.30 as the United States Institute of Supply Management (ISM) has reported a weak Manufacturing PMI report for April.

The business activity in the US manufacturing sector contracted in April, with the ISM Manufacturing PMI dropping to 49.2 from 50.3 in March.

United States ISM Manufacturing PMI below expectations (50) in April: Actual (49.2)

United States ISM Manufacturing Prices Paid above forecasts (55) in April: Actual (60.9)

United States JOLTS Job Openings below forecasts (8.69M) in March: Actual (8.488M)

United States ISM Manufacturing Employment Index: 48.6 (April) vs 47.4

United States ISM Manufacturing New Orders Index down to 49.1 in April from previous 51.4

United States Construction Spending (MoM) came in at -0.2%, below expectations (0.3%) in March

United States S&P Global Manufacturing PMI registered at 50 above expectations (49.9) in April

Canada S&P Global Manufacturing PMI below expectations (50.2) in April: Actual (49.4)

On Wednesday, the United States (US) Automatic Data Processing (ADP) Research Institute is set to unveil private employment data for April.

United States ADP Employment Change registered at 192K above expectations (175K) in April

The EUR/USD pair finds a provisional support near 1.0650 in Wednesday’s European session.

United States MBA Mortgage Applications climbed from previous -2.7% to -2.3% in April 26

The NZD/USD pair trades close to a nine-day low slightly below the round-level resistance of 0.5900 in Wednesday’s European session.

United Kingdom 10-y Bond Auction rose from previous 4.015% to 4.371%

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data.

United Kingdom S&P Global/CIPS Manufacturing PMI came in at 49.1, above forecasts (48.7) in April

Greece S&P Global Manufacturing PMI declined to 55.2 in April from previous 56.9

Here is what you need to know on Wednesday, May 1: The US Dollar (USD) preserves its strength on the first trading day of May as investors gear up for key data releases and the Federal Reserve's monetary policy decisions.

USD/CAD trades around 1.3780 during the early European hours on Wednesday, hovering within an ascending channel on the daily chart.

The Australian Dollar (AUD) has rebounded due to possible risk-on sentiment. However, the AUD/USD pair faced pressure during the early trading hours on Wednesday following the release of the AiG Industry Index.