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FxWirePro: USD/CAD remains buoyant, looks to extend gains

• USD/CAD strengthened on Friday as  stronger dollar  offset   upbeat Canadian retail sales data.

•The dollar firmed as investors weighed prospects for a Middle East peace deal and the possibility of further Federal Reserve rate hikes amid rising inflation.

• Canada's retail sales rose 0.9% in March, boosted by higher gasoline prices, while sales volumes fell 0.7%. Preliminary data showed sales likely increased another 0.6% in April.

• On Tuesday, data showed consumer prices increased less than expected in April, cooling expectations for Bank of Canada interest rate hikes this year.

• The price of oil CLc1, one of Canada's major exports, was trading 0.8% lower at $95.54 a barrel..

•  Immediate resistance is located at 1.3841(38.2%fib), any close above will push the pair towards 1.3870(Higher BB).

• Support is seen at 1.3763 (50%fib) and break below could take the pair towards 1.3739(May 21s low).

Recommendation: Good to buy around 1.3800, with stop loss of 1.3740 and target price of 1.3880

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