FxWirePro: USD/CAD rebounds as bulls take charge

• USD/CAD rebounded strongly on Wednesday as   weaker oil price and stronger greenback weighed on commodity linked Canadian dollar

• Oil prices tumbled on Wednesday after reports surfaced of a U.S. plan to resolve the Russia-Ukraine conflict, adding to downward pressure already stemming from oversupply worries.

• The dollar strengthened ahead of the Federal Reserve’s meeting minutes due later in the day and the delayed U.S. employment data set for release on Thursday.

• Markets will closely watch the Federal Reserve’s October meeting minutes, due at 2 p.m. ET, for insights into policymakers’ appetite for another rate cut.

• Thursday will see the release of September’s US jobs report, delayed by the U.S. government shutdown, offering an early look at the state of the economy.

•  Immediate resistance is located at 1.4060(Nov 18th high), any close above will push the pair towards 1.4120(23.6%fib).

• Support is seen at 1.3980 (38.2%fib) and break below could take the pair towards 1.3908(Lower BB).

Recommendation: Good to buy  around 1.4000, with stop loss of 1.3920 and target price of 1.4080