FxWirePro: USD/CAD positions for another climb, eyes 1.3800 level

• USD/CAD strengthened on Wednesday as  investors digested rate decision Federal Reserve and Bank of Canada.

•The Federal Open Market Committee voted 11–1 to keep the benchmark federal funds rate unchanged at 3.5%–3.75%.

• The Fed projected higher inflation as well as one interest rate cut for the year as officials weighed the economic impact of the U.S. and Israeli war on Iran.

• The Bank of Canada kept its key interest rate at 2.25% on Wednesday, noting that higher oil and gas prices from the Middle East conflict could lift global inflation, but it is too early to gauge the full impact on Canada’s economy.

•The Bank of Canada, which has held its key rate at 2.25% since October, said the Middle East conflict is expected to push up gasoline prices and lift inflation in the near term.

• U.S. crude  rose 0.43% to $96.62 a barrel and Brent  rose to $107.51 per barrel, up 3.95% after Iran's huge Pars gas field was hit on Wednesday. .

•  Immediate resistance is located at 1.3794(Higher BB), any close above will push the pair towards 1.3835(38.2%fib).

• Support is seen at 1.3709 (50%fib) and break below could take the pair towards 1.3660 (SMA20).

Recommendation: Good to buy around 1.3700, with stop loss of 1.3650 and target price of 1.3800