FxWirePro: USD/CAD eases slightly but trend is still bullish

• USD/CAD eased slightly as oil prices rose and data showed that Canada's trade deficit narrowed in December.

• Canada’s trade deficit shrank to C$1.31 billion ($957 million) in December from a revised C$2.59 billion in November, driven by a surge in unwrought gold exports that boosted total shipments by 2.6%.

• The United States-Mexico-Canada Agreement, which has protected a large share of Canadian exports from U.S. tariffs, is scheduled to be reviewed ahead of a July 1 deadline..

•Oil prices, a key component of Canada’s export revenues, settled 1.9% higher at $66.43 per barrel as traders grew concerned over rising tensions between the United States and Iran, with both sides increasing military activity in the oil-producing Middle East.

•  Immediate resistance is located at 1.3750(Higher BB), any close above will push the pair towards 1.3785(50%fib).

• Support is seen at 1.3621 (38.2%fib) and break below could take the pair towards 1.3508(Lower BB).

Recommendation: Good to buy around 1.3670, with stop loss of 1.3600  and target price of 1.3750