FxWirePro: USD/CAD hits 14-month high , Scope for further upside

• USD/CAD hit 14-month high    on Wednesday  after minutes from the Bank of Canada's recent policy meeting did little to reverse a wider gap between U.S. and Canadian interest rates.

  •  The Bank of Canada’s governing council agreed to remain flexible in its policy approach to address potential risks from new U.S. trade restrictions, higher energy prices, or a combination of both, according to minutes from its June 10 meeting, where rates were left unchanged at 2.25%. 

• The U.S. dollar extended its recent advance against major peers, supported by the Federal Reserve’s hawkish tone and safe-haven flows amid a pullback in technology stock.

• The price of oil, one of Canada's major exports, was down 4.1% at $70.20 a barrel as signs emerged that more oil tankers are set to move out of the ⁠Strait of Hormuz, easing supply concerns...

•  Immediate resistance is located at 1.4249(23.6%fib), any close above will push the pair towards 1.4280(Higher BB).

• Support is seen at 1.4208(Daily low) and break below could take the pair towards 1.4117(38.2%fib).

Recommendation: Good to buy around 1.4220, with stop loss of 1.4150,  and target price of 1.4280