* Slips to C$1.0649 per US$, or 93.91 U.S. cents
* Investors await U.S. Fed decision, Obama address
* Bond prices flat, track U.S. Treasuries
By Jennifer Kwan
TORONTO, Jan 27 (Reuters) - The Canadian dollar sagged on Wednesday, but mixed commodity and equity markets provided little direction and investors were reluctant to make big bets ahead of an interest rate decision by the U.S. Federal Reserve.
The price for oil, a key Canadian export, was little changed at around $74.85 a barrel [O/R], while gold prices were slightly softer. [GOL/]
Global stock markets fell on Wednesday, hitting their lowest in two months as investors fretted about a monetary squeeze from central banks around the world and also the impact of tightening U.S. banking regulation. [MKTS/GLOB] U.S. stock index futures pointed to a higher open. [.N]
At 8:58 a.m. (1358 GMT), the Canadian dollar was at C$1.0649 to the U.S. dollar, or 93.91 U.S. cents, slightly down from Tuesday's finish at C$1.0625 to the U.S. dollar, or 94.12 U.S. cent.
Market watchers said the policy and political landscape would likely keep investors cautious. Major events on Wednesday include the rate announcement by the U.S. central bank as well as U.S. President Barack Obama's State of the Union address later in the evening.
"It is fairly quiet this morning. This market is waiting for the FOMC meeting and probably the State of the Union address," said Jon Gencher, director of foreign exchanges sales at BMO Capital Markets.
Government bond prices were largely flat, in lockstep with U.S. Treasuries, which were little changed as investors were on edge ahead of the outcome of the Federal Reserve's interest-rate meeting and an auction of five-year paper. [US/] (Editing by Jeffrey Hodgson)