FxWirePro : USD/CAD hovers around three week high, bulls remain In control

• USD/CAD hovered near three week  high on  Wednesday as focus shifted to U.S. Federal Reserve’s Jackson Hole symposium later this week.

• Federal Reserve Chair Jerome Powell's speech at Friday's Jackson Hole symposium will test expectations for U.S. policy easing.

•  Investors will also eye Wednesday’s release of the Fed’s July meeting minutes, marking the first dissent since 1993 as two officials opposed the 'hold' decision..

• Meanwile,cooler Canadian inflation data on Tuesday bolstered expectations for the resumption of policy easing by the Bank of Canada.

•Money markets are expecting a 56.6% chance of a rate cut By Bank of Canada on Oct. 29.

 •  At GMT 05:07, the US  dollar was down  0.40% to 1.3859 against the Canadian dollar.

• Immediate resistance is located at 1.3880(50%fib), any close above will push the pair towards 1.3919(Higher BB).

• Support is seen at 1.3798(SMA 20) and break below could take the pair towards 1.3746(38.2%fib).

Recommendation: Good to buy around 1.3840, with stop loss of 1.3750 and target price of 1.3920