• USD/CAD edged higher on Wednesday after a report suggesting U.S. President-elect Donald Trump may declare a national economic emergency to impose new tariffs caught investors' attention.
• Investors are concerned whether Trump, set to take office on Jan. 20, will impose a 25% tariff on imports from Canada, which sends 75% of its goods to the U.S.
• On the data front, U.S. weekly jobless claims dropped to an 11-month low, indicating a stable labor market, while private payrolls growth slowed sharply in December.
•Attention now turns to Friday's U.S. nonfarm payrolls data, with minutes from the Federal Reserve's December meeting scheduled for release at 2:00 p.m. ET.
• Immediate resistance is located at 1.4455 (23.6%fib), any close above will push the pair towards 1.4518(Higher BB).
• Support is seen at 1.4325(50%fib) and break below could take the pair towards 1.4187(50%fib).
Recommendation: Good to buy around 1.4350, with stop loss of 1.4250 and target price of 1.4500
