FxWirePro: USD/CAD moves up as greenback recovers ground

• USD/CAD edged  higher Monday  as dollar recovered after a steep fall last week that following dovish remarks  from Federal Reserve Chair Jerome Powell .
 
• At the Fed’s annual Jackson Hole symposium on Friday, Chair Jerome Powell highlighted rising risks to the labor market while also warning that inflation remains a concern, stopping short of committing to a decision on a potential rate cut.

• The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, is set for release on Friday and will serve as a key barometer for market expectations around rate cuts.

• In Canada, second-quarter GDP data due on Friday will be closely watched to assess the economic impact of tariffs.

• At GMT 15:45 ,the greenback  was up 0.06% at 1.3832 against Canadian dollar.

• Immediate resistance is located at 1.3891(Higher BB), any close above will push the pair towards 1.3932(50%fib).

• Support is seen at 1.3813 (SMA 20) and break below could take the pair towards 1.3770(38.2%fib).

Recommendation: Good to buy around 1.3800, with stop loss of 1.3720 and target price of 1.3880