FxWirePro: USD/CAD edges lower but outlook is still bullish

• USD/CAD edged lower on Thursday  as rising bond yields ​and oil prices kept investors wary of inflation and ‌higher interest rates.

•Oil prices rose more than 4%, lifting the ​energy sector  1.8% and extending its yearly gains to nearly ⁠50%,.

.• On the economic front, the US Labor Department said weekly initial jobless claims dipped by 2,000 to 197,000, slightly below the 200,000 estimate of economists polled by Reuters as data continues to show job market stability..

.• On the geopolitical front, tankers are facing a higher risk of attacks and intimidation as they try to get critical shipments through the Strait of Hormuz after Iran issued new warnings it would block routes that it has not authorized, sources said.

.• Immediate resistance is located at 1.4298(April 15th high), any close above will push the pair towards 1.4358(Higher BB).

• Support is seen at 1.4160(38.2%fib) and break below could take the pair towards 1.4106 (SMA 9).

Recommendation: Good to buy around 1.4230, with stop loss of 1.4160 and target price of 1.4280