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FxWirePro: USD/CAD hovers near seven-month high, Outlook bullish

• USD/CAD hovered near seven-month  high as oil prices fell and data showed domestic housing activity picking up.

• Canadian home sales rose 5.5% in May from April, making up some ground after a slow start to the typically active spring market.

•The U.S. dollar  edged lower against a basket of major currencies as investors awaited the conclusion of the Federal Reserve's policy meeting on Wednesday.

•U.S. crude ⁠oil futures settled 5.8% lower at $76.05 a barrel on optimism that the deal would allow oil to flow through the Strait of Hormuz.

•  Immediate resistance is located at 1.4025 (23.6%fib), any close above will push the pair towards 1.3950(June 15th low).

• Support is seen at 1.3950(June 15th low). and break below could take the pair towards 1.3900(38.2%fib).

Recommendation: Good to buy around 1.3990, with stop loss of 1.3900,  and target price of 1.4080

 

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