FxWirePro: USD/CAD uptrend loses steam, remains on bullish path

• USD/CAD dipped on Thursday as oil prices rose and  dollar eased after U.S. economic data slightly dented expectations for rate hikes from the Federal Reserve ​this year.

•   U.S. inflation ticked higher in May, with the Personal Consumption Expenditures index breaking above the 4% mark for the first time in three years as energy prices surged on the Iran war...

  • Crude oil, a major Canadian export, gained 0.5% to $70.68 a barrel, but remains below its recent peaks during the U.S. war with Iran, easing fears around global inflation pressures...

• Canada’s data showed payroll employment increased by 22,000 jobs in April, while average weekly earnings accelerated to 3.8% year-on-year from 3.5% in March..

• Immediate resistance is located at 1.4265(23.6%fib), any close above will push the pair towards 1.4324(Hgher BB)..

• Support is seen at 1.4180(Daily low)  and break below could take the pair towards 1.4121(38.2%fib).

Recommendation: Good to buy around 1.4200, with stop loss of 1.4100,  and target price of 1.4280