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FxWirePro: USD/CAD hit 2 -1/2 year high, scope for further upside

• USD/CAD hit  2 -1/2 year high on Monday   as uncertain prospects for Middle ​East peace talks bolstered safe-haven demand for the greenback   

• The US dollar held near ​a two-month high against a basket of major currencies as the US-Iran standoff pushed ‌up ⁠oil prices and Treasury yields..

• Gold lost 3.7%, while US crude oil futures were trading 0.8% higher at $93.12 a barrel. Oil is ​one of Canada's major exports.

• Canadian GDP data for July, ​due on ⁠Tuesday, could help guide expectations for a Bank of Canada interest rate hike next month. Economists expect a flat reading compared to June..
               
•  Immediate resistance is located at 1.4197(38.2%fib.).  any close above will push the pair towards 1.4302(23.6%fib.).

• Support is seen at 1.4100 (50%fib) and break below could take the pair towards 1.4020(61.8%fib).

Recommendation: Good to buy around 1.3160 with stop loss of 1.3100 and target price of 1.3220

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