FxWirePro: USD/CAD sustains gains as uptrend remains strong

• USD/CAD extended its gains on Friday as uncertainty over a resolution to the Middle East conflict drove demand for the greenback.

• U.S. President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz to April 6, warning that failure to comply would lead to strikes on the country’s energy infrastructure.

•  Oil prices pushed higher on Friday as investors remained doubtful that the two sides would reach an agreement.

• The Bank of Canada warned it faces a “tough job” navigating lasting structural shifts, with Senior Deputy Governor Carolyn Rogers saying the next five years could be as turbulent as the last.

• Traders expect the Bank of Canada to keep rates unchanged at its April meeting, while pricing in nearly three hikes by the end of the year.

•  Immediate resistance is located at 1.3889(Daily high), any close above will push the pair towards 1.3919(23.6%fib).

• Support is seen at 1.3851(Daily low) and break below could take the pair towards 1.3810 (38.2%fib  ).

Recommendation: Good to buy around 1.3850, with stop loss of 1.3770 and target price of 1.3920